KHC to buy key Saudi project for $115m
Riyadh, March 28, 2012
Kingdom Holding Company (KHC), the investment firm chaired by Saudi Prince Alwaleed, has won approval from shareholders to buy 'Kingdom Oasis,'a 3.8 million sq m residential development in Riyadh for SR431 million ($115 million).
The mammoth project, which will be offering unparalleled living community experience in Riyadh, is part of the 'Kingdom Riyadh Land' real estate project which is fully owned by Prince Alwaleed.
Announcing this at the company AGM, Prince Alwaleed said the Kingdom Holding has also decided to distribute SR550.3 million quarterly dividends for 2011.
The meeting was attended by the KHC board comprising Talal Almaiman, executive director for development and domestic investments, Ahmed Halawani, executive director for Private Equity, International Investments, Sarmad Zok, the executive director of Hotel Investments, Dr Khaled Al-Saheem and Taher Agueel and Rasha Elhoshan.
Moreover, Saleh Al Sagri’s proxy was provided to the chairman of KHC, said the KHC in a statement.
At the meeting, the board also won approval from investors for the issuance of sukuk (Islamic bonds) either in one part or several parts through the issuance of one or a series of versions under the programs that the company will initiate at those times and the amounts and conditions determined by the board without the need to return to the AGM with a 100 per cent vote.
Commenting on the results, Prince Alwaleed said, “Kingdom Holding enters the year 2012 with strength & will continue its dividends distributions.”
The meeting was also attended by Shadi Sanbar, KHC CFO, Nada Al Sugair, executive director Finance and Administration, Heba Fatani, senior executive manager, corporate communications department (CCD), Dr Nahla Alanbar, private executive assistant to the chairman, Intisar Al-Yamani, executive manager, CCD, together with representatives from ministry of commerce and capital market authority (CMA).-TradeArabia News Service