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18/03/2018 08:18 AST
Kingdom Holding Co is reviving talks to raise about $1bn in loans, weeks after its chairman Prince Alwaleed bin Talal was released from detention, people familiar with the matter said.
The investment firm restarted talks with local and international lenders about the financing backed by its stake in Banque Saudi Fransi, the people said, asking not to be identified because the discussions are private. Talks were put on hold in November after Alwaleed was arrested as part of an anti-corruption crackdown, people said at the time.
Alwaleed, the 65th-richest person in the world, was among princes, ministers and senior officials who were held at the Ritz-Carlton for almost three months. He told Reuters in January that his detention was a "misunderstanding."
Alwaleed in September bought a 16.2% stake in Saudi Fransi from Credit Agricole SA through Kingdom Holding using "available liquidity and current credit facilities" in a deal valued at about $1.54bn.
The investment firm is now Saudi Fransi's largest shareholder, adding to an extensive portfolio that includes a Citigroup Inc stake, which the prince has held since 1991. Kingdom Holding, in which Alwaleed owns 95%, is also an investor in Twitter Inc and Accor Hotels.
Kingdom Holding shares have fallen 12% since his November 4 detention, giving the company a market capitalisation of about $9bn. A spokesman for Kingdom Holding didn't respond to requests for comment.
Gulf Times
21/03/2018
Prince Al Waleed Bin Talal, just weeks after his release from detention in Riyadh's Ritz-Carlton, is hunting for deals again and planning to reshape his investment empire.
The prince, in hi
Gulf News
09/03/2018
Kingdom Holding Company (KHC) has signed a smart city consulting agreement to design ICT infrastructure and smart services for Jeddah Tower and Jeddah Economic City Project on behalf of the Jeddah Ec
Arab News
09/02/2018
Kingdom Holding Company (KHC) has signed an electrical power agreement worth SR180 million ($48 million) with Saudi Electric Company (SEC), on behalf of the JEC partners (which includes Kingdom Holdi
Trade Arabia
06/02/2025
Saudi utility giant ACWA Power has signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom's
Arab News
05/02/2025
Al Rajhi Bank, a pioneer in innovative banking solutions in Saudi Arabia, has announced a strategic partnership with RATL Technology, the owner of Muhide fintech platform, to digitally empower and fi
Saudi Gazette
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
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