Saudi tycoon buys 1-percent stake in GM

Home >> Autos >> Auto World

Saudi tycoon buys 1-percent stake in GM

Source: Xinhua
[08:36 November 24 2010]
Comments

Saudi tycoon Prince Alwaleed bin Talal and his investment arm Kingdom Holding Company (KHC) have invested $500 million in US automaker General Motors ' initial public offering (IPO) last week, taking a one percent stake in the auto giant.

"The decision of Kingdom Holding Company and Prince Alwaleed to invest in GM was based on the global strength of General Motors brand, the relatively attractive offering price, and the company's growth prospects in Brazil and China," KHC said in a statement on Tuesday.

The KHC move came after the automaker's shares returned to trading markets last week with a 20.1 billion initial public offering, ranked the largest IPO in US history.

The statement did not say how many shares were purchased by the KHC, 95 percent owned by Alwaleed.

KHC owns massive investments in several global giants of the stature of Citigroup, News Corp. and Disney.