Saudi billionaire Prince Al-Waleed bin Talal sold a stake in the Kingdom Holding Company to the Saudi Public Investment Fund (PIF) in a deal worth 5.7 billion riyals.
Under the terms of the deal, the PIF will acquire 625 million shares, representing 16.87% of the total shares of Kingdom Holding Company, at a price of 9.09 riyals per share, according to a statement on the company’s website.
The shares of Kingdom Holding Company jumped by 6.71 percent in early trading today, recording a price of 9.7 riyals per share.
Following the implementation today, Sunday, through the Saudi stock market “Tadawul”, Prince Al-Waleed bin Talal’s ownership in the company’s capital will decline from 95 percent to 78.13 percent.
The preliminary financial results of the “Kingdom Holding Company” showed increase in its net profit after zakat and tax by 6407.4 percent in the first quarter of 2022, to about 5.92 billion riyals, compared to about 91.06 million riyals in the same quarter of 2021.
On a quarterly basis, Kingdom Holding’s net profit increased by 1,361 percent, compared to a net profit of about 405.43 million riyals in the fourth quarter of 2021.
