Prince Alwaleed Sells Stake In Saudi Publisher At 91% Premium
$NWS, $TWTR
Saudi Arabi’s Prince Alwaleed Bin Talal’s Kingdom Holding Co. agreed to sell its about 30% stake in Saudi Research and Marketing Group at nearly 2X the market value.
The unidentified buyer will purchase 23.92-M shares, or 29.9% of Saudi Research, at 35 Riyals per share in a private transaction, Kingdom Holding said in a statement to the Saudi stock exchange Sunday.
Shares of the publishing group were trading at 18.35 Riyals last week before being halted. The deal is worth about 837-M Riyals ($223-M).
Kingdom Holdings will use proceeds for “other corporate projects and investment opportunities,” according to the statement. The company and Prince Alwaleed have built a combined stake in Twitter Inc. (NYSE:TWTR) of more than 5%, the 2nd-largest in the company, a disclosure showed last month.
The Saudi Research transaction completed Sunday, and be recorded in Kingdom’s Q-4 results, the statement said. The Riyadh-based group publishes newspapers including Arab News and London-based Al Sharq Al Awsat.
Kingdom Holding sold most of its stake in News Corp. (NASDAQ:NWS) in February, cutting its ownership of Class B shares to 2-M from 13.2-M. The Saudi company’s Chief Financial Officer Mohammed Fahmy said earlier this year it is planning to sell shares in a “significant” number of assets.
Have a terrific week.
HeffX-LTN
Paul Ebeling
The post Prince Alwaleed Sells Stake In Saudi Publisher At 91% Premium appeared first on Live Trading News.