FINANCIAL NEWS

Kingdom Holding obtains shareholders’ approval to sell USD1b bonds

29 Mar 2012

(MENAFN) Kingdom Holding said that it obtained the required approval from its shareholders to sell USD1 billion of bonds within Saudi or overseas, reported Times of Oman

The investment company, which is controlled by Prince Alwaleed Bin Talal, didn’t provide details about when it will sell the bonds.

On the other hand, as the company constructs the world’s tallest tower in Jeddah at a cost of USD1.22 billion, it announced earlier that it would use bank financing, cash and revenue from the project to fund the development.

It is worth noting that Saudi corporate bond sales in 2012 are at a record high, after exceeding the USD4.13 recorded in 2010, as the increase in the country’s expenditure encourages private businesses to invest more in expansion projects.

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