A board member of Saudi-based Real Estate Financing Co (Refco) has said the kingdom's Public Investment Fund has agreed to take a 20% stake in the mortgage lender, Reuters has reported. 'PIF has agreed to take 20% of Refco's capital which currently stands at SR200m ($53.3m) but will be increased to SR1bn by the time we start operations,' the board member told the news service.
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