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    4280   SA31RG522S19

KINGDOM HOLDING COMPANY

(4280)
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End-of-day quote Saudi Arabian Stock Exchange  -  2022-07-05
9.120 SAR   +0.22%
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Saudi Arabia's Alwaleed sells $1.5 bln stake in Kingdom Holding to PIF

05/22/2022 | 04:41am EDT

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 Sunday.

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 billion).

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 comment.

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)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KINGDOM HOLDING COMPANY 0.22% 9.12 End-of-day quote.-9.70%
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WTI 0.90% 99.25 Delayed Quote.46.49%
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Analyst Recommendations on KINGDOM HOLDING COMPANY
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Financials
Sales 2022 2 025 M 539 M 539 M
Net income 2022 5 956 M 1 587 M 1 587 M
Net Debt 2022 9 717 M 2 589 M 2 589 M
P/E ratio 2022 5,66x
Yield 2022 3,29%
Capitalization 33 798 M 9 004 M 9 004 M
EV / Sales 2022 21,5x
EV / Sales 2023 18,3x
Nbr of Employees -
Free-Float 5,00%
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Technical analysis trends KINGDOM HOLDING COMPANY
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 1
Last Close Price 9,12 SAR
Average target price 7,50 SAR
Spread / Average Target -17,8%
EPS Revisions
Managers and Directors
Talal bin Ibrahim Al-Maiman Chief Executive Officer & Executive Director
Adel Abdulaziz Alabdulsalam Chief Financial Officer & Executive Director
Alwaleed bin Talal Al-Saud Chairman
Tamim Bassam Jabr Executive Director-International Investments
Hisham Sulaiman Abdul Aziz Al Habib Independent Director
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