Kingdom Holding buys Prince Alwaleed’s shares in Citigroup for SAR 1.7B

Kingdom Holding Co. (KHC) acquired the shares owned by Chairman Prince Alwaleed bin Talal in Citigroup for SAR 1.69 billion ($449.57 million). 

Accordingly, KHC raised its stake in Citigroup to 2.2% from 1.63%, the company said in a statement to Tadawul, adding that the deal will be self-financed.  

The deal was closed in line with the company’s strategic plan and normal business.

Prince Alwaleed bin Talal is a related party, KHC added.

Source : Argaam