Saudi billionaire prince to sell 16.87% of firm to sovereign fund

A Saudi billionaire detained in a 2017 anti-graft crackdown is to sell a 16.87 percent stake of his company to a sovereign wealth fund run by the kingdom’s crown prince, a statement said Sunday. The sale by Prince Al-Waleed bin Talal of 625 million shares of the Riyadh-headquartered Kingdom Holding Company is worth roughly $1.5 billion, according to a regulatory filing published by the Saudi stock exchange, or Tadawul. We welcome the @PIF_en, Saudi Arabia’s economic transformation engine, with a 16,87% investment in @Kingdom_KHC. My ownership in @Kingdom_KHC becomes 78.13%, as part of my long-…

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