Alwaleed seeks approval for Kingdom IPO

Saudi billionaire Prince Alwaleed bin Talal has sought regulatory approval to sell shares in his Kingdom Holding in an initial public offering, Asharq al-Awsat newspaper reported, citing the prince.

"We are waiting for any decision that the Capital Market Authority will make regarding the initial public offering of Kingdom Holding," Prince Alwaleed said, according to the Saudi-owned newspaper on Tuesday.

Kingdom Holding, with share capital of 63 billion riyals ($16.8 billion), said earlier this month it was planning an initial public offering before the end of the month.

Prince Alwaleed, listed by Forbes magazine as the world's 13th-richest person and Citigroup Inc.'s largest individual shareholder, has not said how much he wants to raise in the IPO.

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