Saudi Arabia’s Kingdom Holding bought a $450 million stake in Citigroup from Alwaleed. The investment firm Kingdom Holding (4280.SE), owned by Saudi Arabian Prince Alwaleed Bin Talal, announced on Wednesday that it had increased its ownership in Citigroup (C.N) to 2.2%. This was done after the business purchased a stake in the bank from the prince, valued at around $450 million.
In a filing with the Saudi market, the business stated that it had previously held 1.6% of the Wall Street lender. It also stated that the transaction supported Kingdom Holding’s strategic ambitions, although it did not provide further details.
The prince, who considers himself Saudi Arabia’s version of Warren Buffett, has amassed hundreds of millions of dollars through investments made with nearly unlimited autonomy in businesses ranging from Uber to the Twitter social network, now known as X.
After placing a significant wager on Citigroup in the 1990s and seeing it through to a successful conclusion, Alwaleed rose to notoriety on a global scale. He was also an early investor in Apple.
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, purchased a 16.87% interest from the wealthy prince through a sale that occurred that year.
He holds a position in Kingdom Holding, equivalent to 78.1% of the company, with the remaining 5% being traded on the Saudi stock exchange.
Comment Template