Kingdom Holding shareholders approve US$1bn in bond sales

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Kingdom Holding, an investment company controlled by billionaire Prince Alwaleed bin Talal, received shareholder approval to sell as much as SAR3.75bn (US$1bn) in bonds inside the Saudi Arabia or abroad.

Shareholders met yesterday in Riyadh, Kingdom Holding said in a statement to the Saudi bourse website today.

Saudi Arabian corporate bond sales are poised to set a record in 2012 as a surge in state spending in the Arab world’s biggest economy encourages private businesses to invest more in expansion projects.

Saudi Arabian Mining, the nation’s largest miner, and Almarai. are among five companies that unveiled plans to issue bonds this year.

The state-run General Authority of Civil Aviation sold SAR15bn (SAR$4bn) of Islamic bonds in January.

Kingdom Holding, 95 percent owned by Prince Alwaleed, is building the tallest tower in the world in Jeddah, Saudi Arabia, at a cost of SAR4.6bn.

The company said in August it will use a mix of bank financing, cash and revenue from the project to fund the development. Kingdom Holding had current bank borrowings and terms loans of SAR1.46bn at the end of last year, according to its financial statement.

Prince Alwaleed’s investments include stakes in General Motors, News Corporation. and Apple. The prince, a nephew of Saudi Arabia’s King Abdullah, was ranked the richest Arab businessman last year by Arabian Business magazine with assets valued at US$21.3bn.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai real estate bonds would find buyers amid recovery

Dubai real estate bonds would find buyers amid recovery

Bonds could be issued to fund growing pipeline of new projects...

2

"Sleeping giant" debt market awakes in Saudi Arabia

After years in which the growth of Saudi Arabia's bond market...

Egypt struggles to spur bond trading

Egypt struggles to spur bond trading

Arab state loathe to allow rivals into lucrative treasury bond...

Most Discussed