Prince Alwaleed hints at Twitter IPO participation

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi Prince Alwaleed bin Talal appears likely to buy up more of microblogging website Twitter when it launches its upcoming initial public offering (IPO).

His company Kingdom Holding Co (KHC) already invested $300m in the internet company two years ago, although the size of its stake has not been revealed.

KHC chief financial officer revealed the company’s interest in investing further in Twitter in a statement on Tuesday announcing KHC’s financial results for the September quarter.

“KHC continues to look at various investments opportunities such as Twitter,” CFO Shadi Sanbar said.

“The company has substantial cash available and a strong borrowing base to pursue opportunistic investments.”

Twitter is seeking to sell up to 80.5m shares when it launches its IPO on the New York Stock Exchange mid-next month.

Shares are priced at $17-$20 each, which could raise as much as $1.6bn and value the company as high as $11bn.

KHC’s comment comes as it announced it recorded net income of SR511m ($136.2) in the first nine months of the year, an increase of 2.8 percent. Quarterly results were up 1 percent compared to the previous year.

Gross operating profit increased 28.4 percent during the quarter to SR366m.

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
Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

International Petroleum Investment Co came to the aid of Malaysia...

Debt market beckons as Saudi bourse opens to foreigners

Debt market beckons as Saudi bourse opens to foreigners

Corporate bond issuance in the kingdom is the most active in...

Most Discussed
  • 1
    The UAE: On the road to economic development

    I understand and agree with the economic reasons for this move. They are logical. But bringing the environmental benefits into this isn't justified when... more

    Sunday, 2 August 2015 7:48 PM - Dubai2020