The Saudi Kingdom Holding Company announced that Prince Alwaleed bin Talal, the company’s founder, has sold 625 million shares (16.87% of the company’s shares) to the State Investment Fund (Saudi Arabia’s sovereign wealth fund).
The company said in a statement that “Kingdom Holding Company’s CEO, engineer Talal Al Maiman, commented on the deal struck between the company’s main shareholder and founder Bin Talal and the Saudi State Investment Company. Fund, under which the Saudi Arabian State Investment Fund acquired shares representing 16.87% of the total value. In the amount of 5,681,250,000 rials.
The company noted that “this transaction reflects the strength and longevity of the Kingdom Holding Company and what it characterizes in the field of local, regional and global investments, as well as its compatibility with the strategy of the Saudi state investment fund to invest in one of the most successful companies in the world” .
She noted that “The CEO of Kingdom Holding Company said that bin Talal’s ownership of the State Investment Fund in Kingdom Holding Company is nothing short of a voice of confidence that we are proud of, emphasizing that Kingdom Holding Company will continue its success and maximize value for its esteemed shareholders.”
She believed that “continuing ownership of Bin Talal with a 78.13% stake in Kingdom Holding Company is part of a long-term investment strategy and a continuation of His Highness’ faith in Kingdom Holding Company, which he founded 42 years ago.”
Kingdom Holding Company is considered one of the most successful and oldest investment companies in the world as it started operations 42 years ago and has investments in eighteen sectors and its investments are located on 6 continents with assets exceeding 50 billion Saudi Riyals.
Source: El Iktisad
