HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, President of Kingdom 5KR-62 Ltd. and Kingdom 5KR-63 Ltd. (jointly, "Kingdom"), announced today that he was pleased with the way events are unfolding at Time Warner. HRH had previously stated that he supported Time Warner CEO, Dick Parsons, and did not believe that Time Warner should be broken up. Prince Alwaleed stated that he has been following the situation closely and had been in contact with the CEO of Time Warner, Mr. Dick Parsons. The Prince said that he had been ready to act as he had done in a similar situation last year concerning News Corporation where he had indicated support for Mr. Rupert Murdoch and then converted from non-voting shares to voting shares in the company in further support of management.
His Highness attempts to be a "white knight" and a trusted friend of the management. "I invest long term in undervalued companies with world wide brand names and excellent management," said Prince Alwaleed. He added that he does not buy shares in a company if he does not believe in management or he sells his shares if he believes management is not performing up to his standard.
Kingdom 5KR-62 and Kingdom 5KR-63 are owned by a trust for the benefit of HRH Prince Alwaleed and his family. HRH Prince Alwaleed and related trusts and other entities have made substantial investments in multiple sectors including hotels, banking, media, telecommunications, technology, entertainment, construction and real estate, among numerous others. Significant investments include interests in Citigroup, Time Warner, The Walt Disney Company, Disneyland Paris, Four Seasons Hotels & Resorts, the George V Hotel, Fairmont Hotels and Resorts, Movenpick Hotels and Resorts, Motorola, Hewlett Packard, Ballast Nedam, Canary Wharf, Saks Inc. and Kingdom Center.
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For further information, contact:
Kingdom Holding Company
+966-1-211-1111
© Press Release 2006
