Alwaleed gives $597.3m Citi shares to KH

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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