By Staff writer
Senior exec says Saudi budget airline Flynas is among companies in which it hold a stake to plan share sales from next year
Kingdom Holding Co, the investment company owned by Saudi billionaire Prince Alwaleed, is reportedly planning to sell shares in a “significant” number of assets.
According to Bloomberg, the firm is considering offerings on the Saudi stock exchange and internationally, it quoted chief financial officer Mohammed Fahmy as saying.
It said Flynas, the Saudi budget airline in which it holds a 34 percent stake, is among companies planning share sales.
“A significant number of our privately held assets are planning listings starting from 2016 to 2018,” Fahmy said in comments published by Bloomberg. “The economic cycle will still be positive and those assets we have invested for a long time will have reached critical mass in terms of profitability and size.”
Kingdom Holding posted a 15 percent rise in fourth-quarter net profit last month as gains on investments increased and financial costs fell.
The investment firm has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup, it owns stakes in Rupert Murdoch's News Corp and microblogging site Twitter.
Bloomberg quoted Fahmy as saying that Kingdom Holding is hunting opportunities worldwide in retail, pharmaceuticals and fast-moving consumer goods, with Africa, in particular, on its radar this year.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.