RIYADH: Two funds owned by NCB Capital bought over 55 percent of Saudi Research and Marketing Group (SRMG), publisher of Arab News and one of the Middle East's largest media companies.

The off-market transactions were disclosed after market close on Sunday, just hours after an announcement from Kingdom Holding, the investment firm owned by Prince Alwaleed bin Talal, that it plans to sell its 29.9 percent stake in SRMG for SR837.2 million ($223.3 million).

The new investors do not plan any changes to the overall "strategy of the company and have no plans to buy rest of the outstanding shares," SRMG added in its statement.

Besides the London-based Asharq Al-Awsat, SRMG owns Aleqtisadiah and other publications.

The funds of NCB Capital, the investment banking arm of Saudi Arabia’s largest bank National Commercial Bank, acquired 55.21 percent of SRMG, the company's statement said, split between NCB Capital Fund 13 with 29.9 percent and NCB Capital Fund 4 with 25.3 percent.

No values or names of sellers were given in the SRMG statement, although bourse data showed nine private transactions overall on Sunday at the SR35 per share price disclosed by Kingdom Holding earlier in the day. That level was almost double the last trade on Wednesday before the stock was suspended by the regulator ahead of news from major shareholders.

Trading in SRMG shares will resume on Monday, the Capital Market Authority announced in a separate post-trading statement.

Kingdom Holding, which sold 23.9 million shares, would use proceeds from the sale for other corporate projects and investment opportunities.