FINANCIAL NEWS

Alwaleed’s KHC purchases $500m GM stake

24 Nov 2010

(MENAFN) Prince Alwaleed bin Talal, chairman of the Kingdom Holding Company (KHC) revealed that the company has purchased a stake in General Motors (GM) massive initial public offering (IPO) worth $500 million, Arab News reported.

The purchase indicates KHC’s confidence in General Motors after it strongly came back to global competition, whereas it was able to reduce its operating and fixed expenses, strengthen its financial position and return to profitability, explained Prince Alwaleed.

The GM investment marks the latest expansion of Alwaleed’s expansive portfolio, which includes stakes in a broad range of international giants such as News Corp. and Disney.

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