Al Azizia Commercial Investment Company (ACIC) Chaired by Prince Alwaleed Offers To Acquire $2 billion Strategic Stake In Bank of China (BOC) |
|
Network this!
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).
The seven FS hotels are owned through entities controlled by His Highness and his family. There are currently three operational luxury hotels which include the FS Shabu Shabu in the heart of Taiwan, the FS Hong Kong and the Four Seasons Shanghai. In addition, there are four more Luxury hotels under development in the People's Republic of China, the FS Macau (Special Administration Region of China), the FS Beijing, FS Shanghai and the FS Taiwan.
-Ends-
© Press Release 2006
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
| Tender Notice | Due Date |
Stories
Companies
| Company Name | Country | Industry |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Investment Corporation of Dubai | UAE | Investment Firms and Funds |
| Al Rajhi Bank | Saudi Arabia | Banking |
| Emirates Airline | UAE | Transportation Services |
| Alokozay Group of Companies | UAE | Multi-line |
| Damas Jewellery | UAE | Specialized Retailers |
| Dodsal Engineering and Construction | UAE | Construction and Design |
Projects
| Project Name | Country | Sector |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| ADNOC/ConocoPhillips - Sour Gas Fields Development - Shah Field | UAE | Oil and Gas |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| SATORP- Jubail Refinery and Petrochemical Complex - Conversion Unit and Sulphur Package (Part 2) | Saudi Arabia | Oil and Gas |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| Takreer - Ruwais Refinery Expansion - Offsites and Utilities Package | UAE | Oil and Gas |
Blogs
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
