Alwaleed meets Bloomberg and Blankfein in New York

Prince Alwaleed and Michael Bloomberg during the meeting in New York.
Updated 15 May 2016

Alwaleed meets Bloomberg and Blankfein in New York

RIYADH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC) and owner of Alarab News Channel, met with Michael Bloomberg, founder of Bloomberg at the company’s headquarters during his visit to New York.
Fahad Alsukait, CEO of Rotana Group and Alarab News Channel that are owned by the prince, and Hassna Alturki, executive manager for international relations to the chairman and Fahad bin Nafel, senior executive assistant to the chairman, attended the meeting.
The two discussed media related issues.
The meeting touched upon the latest economic developments in the GCC, and globally.
Prince Alwaleed had announced an agreement with Bloomberg LP in which Bloomberg will support the creation of financial and economic news programing throughout the day on the channel.
The Alarab news channel is an independent venture from Kingdom Holding Company and Rotana group and is privately owned by Prince Alwaleed.
Also during the prince’s trip to New York, Prince Alwaleed met Lloyd Blankfein, chairman and CEO, Goldman Sachs Group at the company’s Headquarters.
During the meeting, the two discussed investment related issues.
The meeting touched upon the latest economic developments in the GCC, and globally.
Fahad Alsukait, Hassna Alturki and Fahad bin Nafel also attended the talks.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.


Lee’s death sparks hope for Samsung shake-up, dividends

Updated 26 October 2020

Lee’s death sparks hope for Samsung shake-up, dividends

  • Shares in the company and affiliates rise; around $9bn in tax estimated for stockholdings alone

SEOUL: Shares in Samsung Electronics Co. Ltd. and affiliates rose on Monday after the death a day earlier of Chairman Lee Kun-hee sparked hopes for stake sales, higher dividends and long-awaited restructuring, analysts said.

Investors are betting that the imperatives of maintaining Lee family control and paying inheritance tax — estimated at about 10 trillion won ($8.9 billion) for listed stockholdings alone — will be the catalyst for change, although analysts are divided on what form that change will take.

Shares in Samsung C&T and Samsung Life Insurance closed up 13.5 percent at a two-month high and 3.8 percent, respectively, while shares in Samsung SDS also rose. Samsung Electronics — the jewel in the group’s crown — finished 0.3 percent higher.

Son and heir apparent Jay Y. Lee has a 17.3 percent stake in Samsung C&T, the de facto holding firm, while the late Lee was the top shareholder of Samsung Life with 20.76 percent stake.

“The inheritance tax is outrageous, so family members might have no choice but to sell stakes in some non-core firms” such as Samsung Life, said NH Investment Securities analyst Kim Dong-yang.

“It may be likely for Samsung C&T to consider increasing dividends for the family to cover such a high inheritance tax,” KB Securities analyst Jeong Dong-ik said. Lee, 78, died on Sunday, six years after he was hospitalized due to heart attack in 2014. Since then, Samsung carried out a flurry of stake sales and restructuring to streamline the sprawling conglomerate and cement the junior Lee’s control.

Investors have long anticipated a further shake-up in the event of Lee’s death, hoping for gains from restructuring to strengthen de facto holding company Samsung C&T’s control of Samsung Electronics, such as Samsung C&T buying an affiliate’s stake in the tech giant.

“At this point, it is difficult to expect when Samsung Group will kick off with a restructuring process as Jay Y. Lee is still facing trials, making it difficult for the group’s management to begin organizational changes,” Jeong said.

Lee is in two trials for suspected accounting fraud and stock price manipulation, as well as for his role in a bribery scandal that triggered the impeachment of former South Korean President Park Geun-hye. The second trial resumed hearings on Monday.

Lee did not attend the trial on Monday, as Samsung executives joined other business and political leaders for the second day of funeral services for his father.