Kingdom Holding Company (KHC), a leading investment company chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said it has reached an agreement with Saudi sovereign wealth fund Public Investment Fund (PIF) for the sale of 16.87% stake in KHC for SR5.68 billion ($1.52 billion).

 

A leading Saudi business conglomerate with interests in key sectors including hotel management, real estate, healthcare and private equity, KHC said as per the deal, PIF will buy a total of 625 million shares at the rate of SR9.09 ($2.42) per share.

 

Following the deal, the remaining 78.13% will be under the ownership of Prince Alwaleed, in a major boost to the committed long-term holdings and a continuation of his confidence in KHC, which he founded 42 years ago, said Kingdom Holding in its statement.

 

Lauding the stake sale, CEO Engineer Talal Al Maiman said this deal reflects the strength and prominence of KHC as a regional pioneer with its key investments, locally, regionally and globally.

 

"The ownership of Prince Alwaleed and PIF of KHC is a voice of confidence that we are proud of, and KHC will continue its success journey and maximise value for its shareholders," he stated.

 

Al Maiman pointed out that the deal was in line with the strategy of the Saudi PIF to invest in renowned companies in the world.

 

Kingdom Holding Company is one of the most successful and outstanding investment holding companies in the world, with investments that span over 18 sectors (including equity investment, real estate, hotel management and operation, healthcare, private equity and commercial services) across the six continents with assets exceeding SR50 billion ($13.3 billion).-TradeArabia News Service