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.”
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.