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23/11/2010 00:00 AST
Kingdom Holding Company (KHC) and its chairman Prince Alwaleed bin Talal have subscribed $500 million towards General Motor’s (GM) initial public offering (IPO).
This represents 1 per cent of the value of the offering which was greatly over subscribed.
The decision of Kingdom Holding Company and Prince Alwaleed to invest in GM was based on the global strength of General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China, said a statement.
“GM strongly came back to global competition, where the company was able to reduce its operating and fixed expenses, strengthen its financial position and returned to profitability. We are confident that the current management of GM is able to deliver growth and profits over the coming years. We will be able to achieve the expected return on this investment,” stated Ahmed Halawani, executive director of Private Equity at KHC.
KHC has significant investments in the US through KHC in Citigroup, News Corporation, Time Warner, Walt Disney stores, Saks Fifth Avenue, Four Seasons Hotels & Resorts, Fairmont Hotels & Resorts, Plaza Hotel, New York.
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