Wealth management

Saudi Firm's IPO to Sell $840M Stake

Published June 19, 2007, 1:00 a.m. EDT

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Updated June 18, 2007, 6:20 p.m. EDT

1 Min Read

Kingdom Holding Co. of Riyadh, the Saudi Arabian investment company owned by the billionaire Prince Alwaleed bin Talal, will sell an $840 million stake in an initial public offering.

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The company will sell 315 million shares, a 5% stake, the Saudi Capital Market Authority said Monday in a statement posted on the national stock exchange Web site. The regulatory body has not given a date for the sale of Kingdom Holding, the largest shareholder in Citigroup Inc., the biggest U.S. bank.

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