Saudi PIF Acquires 16.8% of Kingdom Holding Company
- Date: 23-May-2022
- Source: Asharq AL-awsat
- Sector:Economy
- Country:Saudi Arabia
Saudi PIF Acquires 16.8% of Kingdom Holding Company
The Saudi Public Investment Fund has acquired 625 million shares of the Kingdom Holding Company (KHC), representing 16.87 percent, with a total value of 5.6 billion riyals ($1.5 billion). The remaining 78.13% will be under the ownership of Prince Alwaleed bin Talal.
The deal with KHC was made through a private sale and purchase transaction at SR9.09 each.
The transaction was expected to take place on Saudi Arabia’s stock exchange Tadawul on Sunday, the company said.
The Saudi sovereign fund continues to seize opportunities in successful giant companies, the latest of which was its acquisition of a five percent stake in the Japanese video game company Nintendo. The PIF has also taken stakes in video game companies Nexon, Capcom and Koei Tecmo.
Most recently, the PIF announced the launch of Saudi Coffee Co., aimed at turning Saudi coffee beans into a global product with $320 million to be invested in the next 10 years.
The launch of the company comes in line with the PIF plan, which focuses on developing 13 strategic sectors in the Kingdom, including the food and agriculture sector.
The Saudi Coffee Company will work to support the entire value chain of the local coffee product in partnership with the private sector, starting
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