Prince Alwaleed sells 16.87% stake in Kingdom Holding to PIF in $1.5bn deal – The National

Prince Alwaleed sells 16.87% stake in Kingdom Holding to PIF in $1.5bn deal – The National

Kingdom Holding, the Saudi Arabian investment company controlled by Prince Alwaleed bin Talal, sold a 16.87 per cent 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 said in a statement to the Tadawul Stock Exchange, where its shares are traded. 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 per cent stake in Kingdom Holding, the company said.