Prince Alwaleed bin Talal Al Saud, the Saudi investor, revealed yesterday that he plans to shore-up the balance sheet of his investment vehicle by “donating” Sr2.24bn ($597m) of shares in Citigroup into it.
Prince Alwaleed said the initiative would help lead Kingdom Holding, which floated 5 per cent of its shares on the Saudi stock exchange in 2007, to profitability and enable it to distribute dividends to shareholders.
“These measures will ensure the continuous development of Kingdom Holding and help it withstand the negative repercussions of the global economic crisis,” he said in a statement.
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