Twitter investment of KHC and Prince Alwaleed rises to $1.2bn

Updated 29 December 2013
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Twitter investment of KHC and Prince Alwaleed rises to $1.2bn

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), held a board meeting at the company’s headquarters in Riyadh.
The meeting was held to oversee KHC’s performance in 2013, approve 2014 budget and operation strategy.
The meeting also outlined and fortified KHC’s diversified investment strategy, long-term vision for growth and development, and for future prospective investment opportunities.
During the meeting, the board referred to KHC and Prince Alwaleed’s combined investment in Twitter that has increased from $300 million to around $1.2 billion since Twitter’s IPO in November 2013 as per market closing on Friday Dec. 27.
The meeting was attended by the KHC board
It comprised Talal Al-Maiman, executive director for development and domestic investments and member of the investment committee, Shadi Sanbar, KHC’s chief financial officer (CFO) and member of the investment committee, Sarmad Zok, executive director of Hotel Investments and member of the investment committee, and the independent board members that comprises Saleh Al-Sagri, Taher Agueel and Rasha El-Hoshan.
Prince Alwaleed represented Khaled Al-Saheem during the meeting in his absence.
Mohammed Fahmy, deputy CFO, also attended the meeting.
KHC also announced the retirement of Shadi Sanbar from his position as CFO effective December 31, 2013 during the board meeting.
In addition, Sanbar will serve as senior financial adviser to Prince Alwaleed, chairman of KHC and will remain as a non-executive member of the board of directors of KHC and board member to other KHC associates namely Four Seasons Hotels and Resorts and Fairmont Hotels and Resorts Inc. Holding Limited.
In addition, KHC announced the appointment of Mohammed Fahmy as the CFO effective January 1, 2014 and member of the investment committee. Also, KHC announced the appointment of Adel Alsayed, executive director for International and Private Equity as a KHC board member effective January 15, 2014.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.