RIYADH: Saudi Kingdom Holding Co. has acquired a SR1.06 billion ($283 million) stake in UK-based insurer Phoenix Group, which has over 13 million customers across the UK and Europe.
The Saudi-listed PIF-backed investment firm, with assets worth more than SR50 billion, has consequently increased its ownership in Phoenix Group to 3.79 percent, a bourse filing showed.
“This investment is a continuation of KHC's strategy to invest in blue-chip companies that are considered market leaders in their field,” the company said.
The move comes as an extension to a SR12.8 billion investment program that was announced by KHC earlier this year. Most recently, it bought a SR1.01 billion stake in UK fund manager M&G plc.
Prior to that, Saudi billionaire Prince Alwaleed bin Talal sold part of his stake in KHC to the Public Investment Fund in a $1.5 billion deal, reducing his interest to 78.13 percent.