Kingdom Holding’s Shares Crash After Arrest of Prince Alwaleed in Anti-Corruption Probe

Published November 5th, 2017 - 11:27 GMT
Shares of Kingdom Holdings tumbled nearly 10 percent on Sunday. (AFP/ File)
Shares of Kingdom Holdings tumbled nearly 10 percent on Sunday. (AFP/ File)

Shares of Kingdom Holdings, in which the arrested Saudi billionaire Prince Alwaleed bin Talal holds 95 percent stake, tumbled nearly 10 percent on Sunday, along with the broader Tadawul index.

Kingdom Holdings fell to its 52-week low of 9.26 Saudi riyals on Sunday, after the company reported a third-quarter profit of 247.5 million riyals ($66 million), compared with a loss of 355 million riyals in the same period last year.

The broader Tadawul index also fell 2.08 percent to be at 6,812.1 after 11 princes, and 38 other officials were arrested in anti-corruption drive.

Prince Alwaleed holds key stakes in other global companies like Twitter, Citigroup, JD.com among others.

By Siddesh Suresh 


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