Kingdom Holding reduces capital

06 January 2010

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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.