Pursuits
Billionaire Alwaleed Sells Stake in Publisher at 91% Premium
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Saudi Arabian billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co. agreed to sell its almost 30 percent stake in Saudi Research and Marketing Group at nearly double the market value.
The buyer will purchase 23.92 million shares, or 29.9 percent of Saudi Research, at 35 riyals per share in a private transaction, Kingdom Holding said in a statement to the Saudi stock exchange on Sunday. Shares of the publishing group were trading at 18.35 riyals last week before being halted. Saudi Research said a unit of National Commercial Bank, the country’s largest lender, is buying 55.2 percent of its shares, without giving further details.