Saudi Prince Alwaleed bin Talal signed an agreement with Saudi Arabia’s Public Investment Fund to sell 16.87% of his investment firm Kingdom Holding Co to the fund, according to the company’s statement on Sunday.
The Public Investment Fund (PIF) will buy 625 million shares of Kingdom Holding at 9.09 riyals ($2.42) a share, according to a stock exchange filing, for a total of 5.68 billion riyals ($1.51 billion).
Upon completion of the transaction, Alwaleed bin Talal’s ownership in Kingdom Holding will reduce to 78.13 percent.
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