Alwaleed's Twitter stake value hits $1.2bn
Riyadh, December 29, 2013
The value of investment by Kingdom Holding Company (KHC), the investment company chaired by Saudi billionaire Prince Alwaleed bin Talal, in the microblogging site Twitter, has now quadrapled to $1.2 billion from an initial investment of $300 million, said a report.
This was revealed at the KHC board meeting held recently at the company’s headquarters in Riyadh to oversee its performance in 2013 besides approving 2014 budget and operation strategy.
Furthermore, the meeting outlined and fortified KHC’s diversified investment strategy, long term vision for growth and development, and for future prospective investment opportunities, said a KHC statement.
It was attended by board members including Talal Al Maiman, the executive director for Development and Domestic Investments, Shadi Sanbar, chief financial officer, Sarmad Zok, the executive director of Hotel Investments besides the independent members Saleh Al Sagri, Taher Agueel and Rasha El Hoshan. The meeting was also attended by Mohammed Fahmy, the deputy chief financial officer.
The stake value has quadrupled since the company’s initial public offering in November as per market closing on December 27, the statement added.-TradeArabia News Service