27/07/2009
RIYADH, July 27 (Reuters) - The General Organisation for Social Insurance (GOSI), Saudi Arabia's largest pension fund, has raised stakes in six listed firms, including Saudi Telecom <7010.SE> and Savola Group <2050.SE>, official data showed on Monday.
The state-owned GOSI increased its stake in state-controlled Saudi Telecom on Sunday to 7 percent from 6.9 percent, according to the data published on the stock exchange's website.
Other increases involved: Maaden <1211.SE> at 6.3 percent from 5.9 percent, Savola at 9.8 percent from 9.6 percent, Saudi Fertilizers Co <2020.SE> at 14.2 percent from 14 percent and Southern Province Cement <3050.SE> at 13.1 percent from 13 percent.
The data also showed that GOSI now holds a 5 percent stake in property developer Jabal Omar Development Co <4250.SE>. It was not immediately clear if GOSI had any shares at all in Jabal Omar before Sunday's transaction since 5 percent is the minimum percentage liable for public disclosure in Saudi Arabia.
The data does not show the price GOSI paid for the stocks.
Based on Sunday's closing stock prices, and excluding the Jabal Omar deal, the value of the stake increases in the five firms was 252.5 million riyals ($67.3 million), according to Reuters' calculations.
The stake increases by GOSI followed the publication of second quarter earnings.
(For earning stories on the listed firms mentioned in this story please double click on: [ID:nLJ597130] for Maaden, [ID:nLL129564] for Saudi Telecom, [ID:nLC404276] for Southern Province Cement, [ID:nLB198629] for Saudi Fertilizers Co and [ID:nLI419835] for Savola Group) (Reporting by Souhail Karam; Editing by Mariam Karouny)
