RIYADH: Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, announcing the outcome of the extraordinary general meeting (EGM) held at the Four Seasons Hotel on Wednesday said the company’s number of shares outstanding has been reduced to 3.705 billion shares. With the opening of trading on Tadawul on Saturday, Kingdom Holding’s new share price opened at SR13. For example, a shareholder who on Wednesday owned 170 shares with a value of SR1,300 now owns 100 shares with the same value based on the opening share price. The reduction in the authorized capital together with the transfer of ownership of 180 million from Prince Alwaleed’s own private Citigroup shares to KHC’s shareholders, and the favorable fourth quarter and year end results, in addition to the strong outlook for 2010 and beyond, all reflected positively on the company’s per share price.
Prince Alwaleed said: “Kingdom Holding’s success is due to its sound investment strategy.”
