KONTAN.CO.ID - DUBAI. Saudi billionaire Prince Alwaleed bin Talal has signed an agreement with Saudi Arabia's powerful sovereign wealth fund to sell 16,87% of his investment firm Kingdom Holding Co to the fund. The company said on Sunday.

The Public Investment Fund (PIF) will buy 625 million shares at 9,09 riyals (US$ 2,42) a share. Kingdom Holding said in a stock exchange filing, for a total of 5,68 billion riyals (US$ 1,51 billion).

The share price for the agreement was where the stock closed on Thursday, its lowest level in a year. It rallied 8,8% to 9,89 riyals by 0802 GMT on Sunday.