ABU DHABI Dec 29 Saudi Arabia's Public
Investment Fund (PIF), its top sovereign wealth fund, on
Thursday denied that it was buying a stake in United Arab
Emirates utility Utico.
"An official at the fund said that the news about entering
into a binding agreement with Utico is baseless and unfounded."
the official Saudi Press Agency (SPA) reported.
On Wednesday, Utico Chief Executive Richard Menezes told
Reuters that the PIF had entered into a binding agreement with
his company to buy a "significant minority stake".
On Thursday, Menezes told Reuters that the PIF was investing
in Utico through the IDB Infrastructure Fund, whose anchor
investors include the PIF as well as institutions such as the
Islamic Development Bank.
(Reporting by Stanley Carvalho and Andrew Torchia; editing by