Dubai: Saudi billionaire Prince Alwaleed bin Talali has signed a deal with Saudi Arabia’s powerful sovereign wealth fund to sell 16.87% of its investment firm Kingdom Holding Company As for the fund, the company said on Sunday.
The Public Investment Fund (PIF) will buy 625 million shares at 9.09 riyals ($2.42) per share. Kingdom Holding The stock exchange filing asked for a total of 5.68 billion riyals ($1.51 billion).
The share price for the settlement was where the stock closed on Thursday, its lowest level in a year. It rose 8.8% to 9.89 rial as of 0802 GMT on Sunday.
Prince Alwaleed In 2018 the anti-corruption campaign ordered by the Crown Prince was swept away. He was kept at the Ritz-Carlton in Riyadh for about three months with the royal family, senior officials and businessmen.
In March 2018, he said he had reached a “secret and secret” agreement with the Saudi government. The attorney general said at the time, most of the detainees were released after reaching a financial settlement that netted more than $100 billion for the state, without providing further details.
PIF did not immediately respond to emailed requests for comment.
Asked whether the transaction was related to the deal, a spokesman for Prince Alwaleed said it was “purely a business deal”, declined to comment further.
The transaction will take place on Sunday at the Saudi Arabian Stock Exchange, Tadawul, the company said. Prince Alwaleed, one of the kingdom’s most recognized business figures, will retain a majority 78.13% stake.
The PIF, which manages more than $600 billion in assets, is at the heart of Saudi Arabia’s de facto ruler. Crown Prince Mohammed bin SalmanAmbitious agenda to diversify the economy away from oil.
The investment firm said in a separate filing on Sunday that one of its executive directors, Sarmad Zoki, had resigned. Abdulmajid Ahmed Al-Hagbani will replace him on the board as a non-executive director. According to LinkedIn, Hagbani is a senior director at PIF.
The Public Investment Fund (PIF) will buy 625 million shares at 9.09 riyals ($2.42) per share. Kingdom Holding The stock exchange filing asked for a total of 5.68 billion riyals ($1.51 billion).
The share price for the settlement was where the stock closed on Thursday, its lowest level in a year. It rose 8.8% to 9.89 rial as of 0802 GMT on Sunday.
Prince Alwaleed In 2018 the anti-corruption campaign ordered by the Crown Prince was swept away. He was kept at the Ritz-Carlton in Riyadh for about three months with the royal family, senior officials and businessmen.
In March 2018, he said he had reached a “secret and secret” agreement with the Saudi government. The attorney general said at the time, most of the detainees were released after reaching a financial settlement that netted more than $100 billion for the state, without providing further details.
PIF did not immediately respond to emailed requests for comment.
Asked whether the transaction was related to the deal, a spokesman for Prince Alwaleed said it was “purely a business deal”, declined to comment further.
The transaction will take place on Sunday at the Saudi Arabian Stock Exchange, Tadawul, the company said. Prince Alwaleed, one of the kingdom’s most recognized business figures, will retain a majority 78.13% stake.
The PIF, which manages more than $600 billion in assets, is at the heart of Saudi Arabia’s de facto ruler. Crown Prince Mohammed bin SalmanAmbitious agenda to diversify the economy away from oil.
The investment firm said in a separate filing on Sunday that one of its executive directors, Sarmad Zoki, had resigned. Abdulmajid Ahmed Al-Hagbani will replace him on the board as a non-executive director. According to LinkedIn, Hagbani is a senior director at PIF.