Kingdom Holding assets reach $25bn

Saudi investment giant Kingdom Holding Company (KHC) said yesterday that its total consolidated assets climbed to about $24.65 billion at the end of 2006.

The company said in a statement the average return on investments over the last 16 years is 20% and that its portfolio has outperformed the MSCI and the Standard & Poor's (S&P) global indices by over 10% over the same period.

The company did not quote its 2005 figures.

"Seeing KHC grow to what it has become has been wonderfully exciting and rewarding, but all that is history," Kingdom Holding chairman Prince Alwaleed bin Talal was quoted as saying in Arab News.

"KHC is always looking to the future, looking to extend its horizons wider and further than ever before, produce even greater success, push our frontiers and deliver a business model that outperforms commercial and philanthropic levels," he added.

The diversified international investment group largely makes long-term investments in banking and financial services, real estate, hotels and hotel management, although it also has interests in technology, media, telecom, retail, tourism, healthcare and industry.

Saudi Arabia approved a change in the status of Kingdom Holding last week, taking the company one step closer to an initial public offering (IPO) of shares expected this month.

The change in status takes KHC from a limited liability company to a closed stock company.

London's Sunday Times in August reported he was thought to be planning to float a 30% stake, which would make it the biggest IPO in the Arab Gulf region's history.

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READERS' COMMENTS

IPO listing by Kingdom holding
Posted by ramon espinosa, Colton California, USA on Monday 11 June 2007 at 18:32 UAE time


WILL THIS BE LISTED IN LONDON AND NEW YORK if approved?

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