RIYADH: Saudi Arabia’s Public Investment Fund has entered a deal to buy a SR5.7 billion ($1.5 billion) stake in Kingdom Holding Co. from Saudi billionaire Prince Alwaleed bin Talal.
A 16.87-percent stake, representing 625 million shares of Kingdom Holding, will be transferred to the PIF, according to a bourse filing.
Upon completion of the transaction, Alwaleed bin Talal’s ownership will be reduced to 78.13 percent.
Founded in 1980, Riyadh-based Kingdom Holding is engaged in investment activities across diversified sectors.
In response to the move, the investment firm’s shares soared 8.8 percent to lead the gainers in early Sunday trading, with a share price of SR9.89 as of 10:53 a.m. Saudi time.