The Keys To The Kingdom: Alwaleed to sell $840 Million in IPO

Author:
Publish date:
Updated on

Citigroup’s largest shareholder, Prince Alwaleed bin Talal, will sell $840 million of his Kingdom Holding Co in an IPO on the Saudi Tadawul All Share Index, Bloomberg is reporting. The sale amounts to about five percent of the company, which has assets of nearly $25 billion including a $10 billion holding in Citigroup.
The IPO has been rumored since last year. As recently as May, reports suggested that the man known as the “Arabian Warren Buffett” was planning to sell thirty percent of his company. Something seems to have forced Alwaleed to rethink the size of his float—perhaps the rough patch the Saudi Arabian stock market has been caught in. Even now there doesn’t seem to be a firm date set on the offering.
In addition to Citigroup, the Kingdom holds stakes in Apple, Motorola, News Corp and Time Warner. The offering will only be open to Saudi citizens.
Alwaleed to Sell $840 Million Kingdom Holding Stake [Bloomberg]

Related