Kingdom Holding reduces capital

A request by Saudi Kingdom Holding to reduce its paid-up capital by more than 40% has been approved by the Capital Market Authority, Reuters has reported. The firm's capital will be reduced to SR37.06bn ($9.88bn) from SR63bn. The reduction requires shareholders' approval, CMA said. In the meantime, Kingdom said it had received a free donation from Prince Alwaleed in the form of 180 million shares in Citigroup, of which the value stands at SR2.24bn ($597.3m) as of end-2009.