DUBAI – Saudi billionaire Prince Alwaleed bin Talal has signed an agreement with Saudi Arabia’s powerful sovereign wealth fund to sell 16.87% of its investment in Kingdom Holding Co, 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, totaling 5.68 billion riyals ($ 1.51 billion).
The stock price for the deal was where the stock closed on Thursday, the lowest level in a year. It rose 8.8% to 9.89 riyals by 0802 GMT on Sunday.
Prince Alwaleed embarked on an anti-corruption campaign in 2018 at the behest of the Crown Prince. He was held for about three months at the Ritz-Carlton in Riyadh with members of the royal family, senior officials and businessmen.
In March 2018, he said he had reached a “confidential and confidential” agreement with the Saudi government. Most of the detainees were released after reaching a financial settlement that was just over 100 100 billion for the state, the attorney general said without elaborating.
PIF did not immediately respond to an email request for comment.
Asked if the transaction was related to the settlement, a spokesman for Prince Alwaleed said it was “purely a business deal” and declined to comment.
The company said it would trade on the Saudi Arabian stock exchange Tadaul on Sunday. Prince Alwaleed, one of the most recognized business figures in the state, will retain the majority 78.13% stake.
PIF, which manages $ 600 billion in assets, is at the heart 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 Joke, had resigned. Abdul Majeed Ahmed Al-Hagbani will replace him on the board, as non-executive director. According to LinkedIn, Hagbani is a senior director at PIF. (1 = 3.7510 rials) (Reporting by Yousef Saba; Editing by Elaine Hardcastle)