RIYADH: Saudi Arabia’s Prince Alwaleed bin Talal’s Kingdom Holding Co. has raised its ownership in Citigroup from 1.63 percent to 2.2 percent after acquiring about $450 million from the billionaire’s stake in the bank.
According to a statement on Tadawul, published on Nov. 29, the firm purchased the Citigroup shares owned by the company’s chairman with a total value of over SR1.68 (more than $449 million) to support its strategic plans, and with the transaction execution date set for Nov. 28.
The statement clarified the anticipated impact of the deal on the company and its operations, emphasizing that KHC functions as an investment holding entity and the exchange aligns with its regular business activities.
The publicly listed company disclosed that it utilized its internal resources to finance the transfer.
Saudi Arabia’s Public Investment Fund has entered a deal to buy an SR5.7 billion stake in KHC from Prince Alwaleed bin Talal.
A 16.9 percent stake, representing 625 million shares of Kingdom Holding, was announced to be transferred to PIF, as stated in a bourse filing at that time.
According to the KHC’s website, Alwaleed bin Talal established his own company, Kingdom Establishment for Commerce and Trade, which later evolved into Kingdom Holding Co.
After completing his initial major deal, Alwaleed bin Talal strategically reinvested the profits into Riyadh real estate. This decision laid the groundwork for the early success of the company.
