Saudi PIF Acquires $1.5 Billion Stake in Prince Alwaleed’s Firm

Published May 22nd, 2022 - 09:53 GMT
Saudi PIF Acquires $1.5 Billion Stake in Prince Alwaleed’s Firm
(Source: Twitter)

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has acquired SR5.7 billion ($1.5 billion) stake in Prince Alwaleed bin Talal's firm, Kingdom Holding Co.

PIF waleed bin talal
Source: Twitter

The PIF has acquired a 16.87% stake for SR9.09 riyals a share, representing 625 million shares of Kingdom Holding, and Alwaleed bin Talal’s ownership will be reduced to 78.13%, according to a bourse filing on Sunday.

After the PIF's announcement, the firm’s shares surged 8.8%in early Sunday trading, with a share price of SR9.89 as of 10:53 a.m. Saudi time.

Founded in 1980, Riyadh-based Kingdom Holding Co. is engaged in investment activities across diversified sectors.

It's worth noting that the Saudi prince was accused of corruption and detained at the Ritz Carlton hotel in Riyadh in 2017 for 83 days. He was released after reaching an unspecified agreement with the government. 


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