Alwaleed gives $597.3m Citi shares to KH

[Kingdom] announces that it received on Tuesday a donation from Prince Alwaleed in the form of 180 million shares in Citigroup Kingdom Holding. (SUPPLIED)

Saudi billionaire Prince Alwaleed bin Talal has transferred his shares in Citigroup worth SR2.24 billion ($597.3 million) to Kingdom Holding (KH) in which he holds a 95 per cent stake, Kingdom said.

"[Kingdom] announces that it received on Tuesday a donation from Prince Alwaleed in the form of 180 million shares in Citigroup of which the value stands at SR2.24bn as of end-2009," the company said. It said the donation was done "free of charge", without elaborating further. Earlier yesterday, the Saudi bourse watchdog said it approved a request by KHC to reduce its paid-up capital by more than 40 per cent.

The Capital Market Authority (CMA) said it has approved a request from Kingdom Holding to cut the firm's capital to SR37.06bn from SR63bn.

CMA did not disclose the purpose of the move but said the reduction still requires shareholders' approval.

 

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