KHC buys Alwaleed bin Talal’s shares in Citi Group for SAR 1.68 bln, increases its ownership to 2.2%

Kingdom Holding Company (KHC) announced on Wednesday the purchase of Citi Group shares owned by the company’s chairman, HRH Prince Alwaleed bin Talal bin Abdulaziz al Saud, with a total value of SAR 1,685,868,750 (USD 449,565,000), increasing (KHC) ownership in Citi Group from 1.63% to 2.2%.

The Company Said today on Tadawul that the transaction supports the company’s strategic plans, indicating that the method of financing the deal was through the Company’s internal resources.

Regarding the expected impact of the deal on its transaction, Kingdom Holding explained that it is an investment holding company transaction in the ordinary course of business.