DUBAI, May 22 (Reuters) - Saudi billionaire Prince Alwaleed
bin Talal has signed an agreement with Saudi Arabia's powerful
sovereign wealth fund to sell 16.87% of his investment firm
Kingdom Holding Co to the fund, the company said on
The Public Investment Fund (PIF) will buy 625 million shares
at 9.09 riyals ($2.42) a share, Kingdom Holding said in a stock
exchange filing, for a total of 5.68 billion riyals ($1.51
The share price for the agreement was where the stock closed
on Thursday, its lowest level in a year. It rallied 8.8% to 9.89
riyals by 0802 GMT on Sunday.
Prince Alwaleed was swept up in an anti-corruption campaign
ordered by the crown prince in 2018. He was held for about three
months at Riyadh's Ritz-Carlton, along with scores of royals,
senior officials and businessmen.
In March 2018, he said he reached a "confidential and
secret" settlement with the Saudi government. Most detainees
were released after reaching financial settlements that netted
just over $100 billion for the state, the attorney general said
at the time, without providing further details.
The PIF did not immediately respond to emailed requests for
Asked if the transaction was related to the settlement, a
spokesperson for Prince Alwaleed said it was "purely a business
deal", declining to comment further.
The transaction will take place on Saudi Arabia's stock
exchange, Tadawul, on Sunday, the company said. Prince Alwaleed,
one of the kingdom's most recognised business figures, will
retain a majority 78.13% stake.
The PIF, which manages over $600 billion in assets, is at
the centre of Saudi Arabia's de facto ruler Crown Prince
Mohammed bin Salman's ambitious agenda to diversify the economy
away from oil.
The investment firm said in a separate filing on Sunday that
one of its executive directors, Sarmad Zok, had resigned.
Abdulmajeed Ahmed Al-Hagbani will replace him on the board, as a
non-executive director. Hagbani is a senior director at PIF,
according to LinkedIn.
($1 = 3.7510 riyals)
(Reporting by Yousef Saba;Editing by Elaine Hardcastle)