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Mon 29 Jan 2018 11:33 AM

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Alwaleed's Kingdom Holding surges back above pre-detention level

The stock climbed 7.6 percent to 10.60 riyals, after jumping 10 percent on Sunday.

Alwaleed's Kingdom Holding surges back above pre-detention level
Prince Alwaleed bin Talal owns 95 percent of Kingdom Holding, which holds stakes in companies from Citigroup to Twitter.

Prince Alwaleed’s Kingdom Holding Co shares surged back to where they were before Saudi Arabia started its crackdown on corruption last year.

Kingdom Holding rose 7.6 percent to 10.8 riyals at the open in Riyadh, exceeding the level it was trading at before Saudi Arabia shocked investors with the arrest of dozens of high-profile businessmen and princes in November.

Prince Alwaleed bin Talal owns 95 percent of Kingdom Holding, which holds stakes in companies from Citigroup to Twitter.

The billionaire reached a settlement with authorities and returned home on Saturday after spending more than two months in detention at the Ritz-Carlton in Riyadh.

During that time, his investment firm is said to have sold its stake in Beirut’s Four Seasons Hotel for about $100 million to $115 million including debt.

The shares have advanced 33 percent since falling to a 2011-low in November, compared with a 8.9 percent gain in the Tadawul All Share Index.

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