Saudi: Prince Alwaleed sells $1.5bn stake in Kingdom Holding to PIF

Kingdom Holding, controlled by Prince Alwaleed bin Talal, sold a 16.87 percent stake in the company to the Public Investment Fund, the country’s sovereign wealth fund, in a deal valued at $1.5 billion.

The company is selling 625 million shares to the PIF at a price of 9.09 Saudi riyals ($2.42) each. The company’s share price is about 9 per cent lower since the start of the year.

Following the completion of the deal, Prince Alwaleed will own a 78.13 percent stake in Kingdom Holding. The market value of Kingdom Holding as of Sunday is about 33.69bn riyals.

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