| 24 May 2006 |
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Al Azizia Commercial Investment Company (ACIC) Chaired by Prince Alwaleed Offers To Acquire $2 billion Strategic Stake In Bank of China (BOC)
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Prince Alwaleed: "We are pleased with this historical offer in line with King Abdullah's initiative and hope it is one of many to come"
HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Al Azizia Commercial Investment Company (ACIC) and an elite group of Saudi investors sign an agreement for a strategic offer for $2 billion in the Bank of China (BOC). The Saudi group of investors from prominent companies include:
Mr. Ma'an bin Abdulwahid Al Sanie, Chairman of Saad Group
Muhaidib Group
Olayan Saudi Investment Company
Bahamdan Holding Group
Amwal Al Khaleej Commercial Investment Company Ltd.
"China is among the top 5 leading global economies," said Prince Alwaleed. "We are pleased with this historical offer in line with King Abdullah's initiative and hope it is one of many to come."
The $2 billion offer represents a 2.7 % stake in BOC common equity. "This historical offer is the first of its kind in the second largest state owned bank in China and one of the largest banks in Asia," said Eng. Ahmed Halawani, CEO of ACIC. "It came in line with the Royal initiative to develop and strengthen commercial and business relations with the People's Republic of China which was the major highlight of the Custodian of the Two Holy Mosques, King Abdullah's visit to China and the Chinese President's visit to the Kingdom of Saudi Arabia."
Mr Halawani also said that the acquisition reaffirms the consortium members' belief in the importance of diversifying geographical investments, especially in a country like the People's Republic of China that has an economy reflecting sustainable growth and visibility. The consortium members also believe that the financial services in general and BOC as a flagship among Chinese banks in particular, form the main foundation of the Chinese economy.
Prince Alwaleed had met with the Chinese President Hu Jintao during his two day visit to the Kingdom of Saudi Arabia. The two met at the Conference Palace in Riyadh, April, 2006. During the meeting the two discussed social and economic issues, and the bi-lateral relationship between their respective countries. Also on the agenda of discussions between the Chinese President and the Prince were the Prince's investments in China that include seven Four Seasons (FS) hotels and Citigroup in which the Prince owns the largest sake and is currently the number one company (issued in Forbes).
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