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Saudi Tycoon Rajhi Transfers Assets to Relatives - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Ageing Saudi billionaire Sulaiman al-Rajhi started transferring to his relatives some of his holdings in listed Saudi firms on Wednesday, the Saudi bourse said.

The bourse statement did not specify which firms were involved in the transfer.

In addition to considerable property investments, Sulaiman’s main investments on the Saudi bourse are a 24.9 percent stake in top Saudi lender Al-Rajhi Bank, a 23.7-percent stake in Yanbu Cement Co and 19.7 percent in agri-business firm Nadec.

Those investments alone are worth about 30.8 billion riyals ($8.22 billion), based on Wednesday’s closing prices.