Kingdom Holding shares up 20% after Alwaleed bin Talal’s $1.5bn deal with PIF

RIYADH: Shares of Kingdom Holding have soared almost 20 percent since Saudi billionaire Prince Alwaleed bin Talal sold part of his stake to the Public Investment Fund in a $1.5 billion deal.

The stock gained 9.5 percent to end Monday’s session at SR10.94 ($2.92), adding to a 9.9-percent gain from a day earlier.

PIF has acquired 16.87 percent, or 625 million shares, of Kingdom Holding’s capital, cutting Alwaleed bin Talal’s stake to 78.13 percent.

Founded in 1980, Riyadh-based Kingdom Holding is engaged in investment activities across diversified sectors