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Sat 5 Sep 2009 05:34 PM

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Saudi Kingdom Holding's investments rise 20% in Aug

Firm owned by Prince Alwaleed attributes gains to better local, int'l stock markets.

 

Saudi Arabia's Kingdom Holding said the value of its investments available for sale rose by about 20 percent to 5.9 billion riyals ($1.57bn) in August compared to the previous month.

 

The firm, owned by Prince Alwaleed bin Talal, attributed the gain to an improvement on local and international stock markets, according to a statement on the bourse website on Saturday.

 

The firm is one of the largest shareholders in Citigroup and holds stakes in several other companies both in Saudi Arabia and abroad.

 

"The increase ... was attributed to the improvement in Citigroup share price aggregating 83 percent and to News Corp aggregating 9 percent and 8 percent for the balance of the shares," it said.

 

Compared to March, Citigroup share price increased five-fold from $1 to $5, it added. (Reuters)

 

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