It’s the end of an affair. From the FT:
Prince Alwaleed bin Talal, the Saudi investor whose interests range from the Hotel George V in Paris to a stake in Twitter, announced on Monday that he had “severed ties” with the Forbes billionaires list, accusing it of a “flawed” valuation method that displayed a bias against middle eastern investors.
Now we know why. Kudos to Forbes for a riveting write-up of Prince Alwaleed’s dealings with the magazine, including its attempts to figure out how Kingdom Holdings (the prince’s publicly-traded investment vehicle) contributes to the wealth of the Arab world’s richest man.
Some extracts… Read more
Prince Alwaleed bin Talal al-Saud, the Saudi investor, revealed on Tuesday that he plans to shore up the balance sheet of his investment vehicle by “donating” SR2.24bn (€416m) of shares in Citigroup into it. Prince Alwaleed said the initiative would help lead Kingdom Holding, which floated 5 per cent of its shares on the Saudi stock exchange in 2007, to profitability and enable it to distribute dividends to shareholders. Also see FT Alphaville on the matter.
There’s an other-worldly aspect to the news release issued by Kingdom Holding on Tuesday. Let’s start with the title:
In an Unprecedented Move, Prince Alwaleed Grants 180 million from his Citigroup Shares to Kingdom Holding Shareholders at no Cost, With Current Value of SR2.24 billion.