Saudi Arabia-based Kingdom Holding, in which the Gulf nation’s sovereign wealth fund owns a 16.9% stake, announced it has bought shares in Citigroup Inc. from its chairman, Prince Alwaleed bin Talal, for over 1.69 billion riyals (USD 449.56 million).
Kingdom Holding said in a statement on the Tadawul exchange in Riyadh that the acquisition of shares increased its ownership stake in Citigroup from 1.63% to 2.2%.
The investment firm said that the deal “supports the company’s strategic plans” and will be funded by Kingdom Holding’s internal resources.
In 2022, the Public Investment Fund, a state wealth fund in Saudi Arabia, acquired a USD 1.05 billion stake in Kingdom Holding. Alwaleed, a pioneering financier of Apple Inc. holds a 78.1% ownership position in Kingdom.
Among the company’s international holdings is Twitter (now X), the hospitality industry players JD.com, Lyft, Four Seasons Hotels, Resorts Accor Hotels, and Movenpick Hotels. One of the biggest foreign investors in the United States is reputed to be Kingdom Holding.
Meanwhile, the PIF-backed private equity firm eWTPA’s portfolio company, Valuable Capital Financial Company (VCFC), recently revealed that it has registered as a member of the Saudi stock exchange Tadawul and its affiliates, the Securities Depository Centre Company (Edaa) and the Securities Clearing Centre Company (Muqassa).
The official announcement of VCFC as an exchange member of the Saudi Exchange took place at a ceremony in Riyadh.
“We are pleased to welcome Valuable Capital Financial Company as the latest exchange member to join the Saudi Exchange, Muqassa and Edaa. The addition of Valuable Capital Financial Company is another step in our journey to create a more diverse and advanced capital market in Saudi Arabia. This is an important landmark that demonstrates our commitment to growing the capital market ecosystem in line with our commitment to Vision 2030’s Financial Sector Development Programme to stimulate wider access for all market participants.” Mohammed Alrumaih, CEO of Saudi Exchange told the media.