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sovereign wealth fund (SWF)

sovereign wealth fund (SWF)
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. REUTERS/Fahad Shadeed/File Picture

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.

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