Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Billionaire Buys 1 Percent Stake in GM - ASHARQ AL-AWSAT English Archive
Select Page

CAIRO (AP) – Saudi billionaire Prince Alwaleed bin Talal says he has invested $500 million in General Motors, the U.S. auto giant whose shares returned to trading last week after its bankruptcy and bailout by Washington.

A statement released Tuesday by Alwaleed’s investment firm, Kingdom Holding Co., said the buy-in amounts to 1 percent of GM’s value and was based on GM’s brand strength and growth prospects in China and Brazil.

The statement did not say how many shares were bought, or how KHC arrived at the 1 percent figure.

GM’s IPO on Nov. 18 brought in about $15.6 billion for the company.

Alwaleed and KHC have wide-ranging investments in several major international companies, including News Corp., Citibank and Disney.

GM had courted Mideast investors, but only KHC has revealed a buy-in.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube