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
Q&A with Noor Bank

Q&A with Noor Bank

Kazim Ali, head of corporate banking at Noor Bank, discusses...

Saudi bank's $6bn IPO ignites religious controversy

Saudi bank's $6bn IPO ignites religious controversy

Plans by National Commercial Bank have prompted some clerics...

Dubai flexes legal muscles as financial court system grows

Dubai flexes legal muscles as financial court system grows

Landmark ruling by the court system in Dubai's financial free...

Most Discussed