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FINANCIAL NEWS
Kingdom Holding invests USD400m in Glencore’s IPO
24 May 2011
(MENAFN) Kingdom Holding, the investment firm that is owned by the Saudi billionaire Prince Alwaleed bin Talal, stated that its investments in the initial public offering (IPO) geld by Glencore International amounted to USD400 million, reported Arabian Buisness.
The company said that its investment accounted for 3.6 percent of the value of shares offered, thus Kingdom Holding’s share is worth USD60 million.
The company added that such an investment comes as the world is recovering from the global financial crisis, thus making investments in a commodity business more attractive.
It is worth noting that Glencore International is a commodities trading company based in Switzerland. Glencore’s IPO received much interest despite a previous drop in share prices.
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