Saudi’s Kingdom Holding Company (KHC) announced an additional ($73.10 million) investment in Phoenix Group, according to media reports.
The new investment increases Kingdom Holding’s ownership in the UK-based insurance, savings and retirement firm to 5% from 4%, the company said in a statement.
In July 2022, the investment company, chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, reported an investment of US$280 million (1.063 billion riyals) in Phoenix Group.
Phoenix is the largest savings and pension company and one of the largest insurance companies in the UK.
Last week, Kingdom Holding increased its ownership in M&G, a European insurance and asset management company, with an additional investment of 228.2 million riyals ($61 million), which increased its stake from 5.3% to 6.4%.
The company has invested across sectors, taking or boosting stakes in companies including Twitter, Lyft and Uber, among others.
In May 2022, the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) has bought a 16.87 per cent stake in Kingdom Holding for $1.5 billion.
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