Saudi PIF Could Float Elm Business
Posted on 05/10/2021
Elm is an IT and security business owned by Saudi Arabia’s Public Investment Fund (PIF). Elm services are provided to all forms of beneficiaries, including government, corporate sector, and individuals.
PIF is looking to float Elm and hired Riyad Capital to advised on a planned offering. PIF could end up selling a 30% stake in Elm.
Earlier, Elm bought 100% of Tabadul’s shares. Tabadul, also known as Saudi Company for Exchanging Digital Information, provides digital solutions for the logistics sector. In 1988, Elm was established as Al-Elm Research and Development Company.