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Saudi Arabia's Kingdom Holding Co., in which the country's sovereign wealth fund has a 16.9% stake, said it has bought shares in Citigroup Inc. from its chairman, Prince Alwaleed bin Talal, for over 1.69 billion riyals ($449.56 million).
In a statement on Riyadh's Tadawul bourse on Wednesday, Kingdom Holding said the share acquisition increased its ownership in Citigroup from 1.63% to 2.2%.
The transaction, which will be financed through Kingdom Holding's internal resources, "supports the company's strategic plans", the investment firm added.
The Saudi state wealth fund, the Public Investment Fund, took the $1.5 billion stake in Kingdom Holding in 2022. Alwaleed, who was an early investor in Apple Inc., has a 78.1% stake in Kingdom.
The company's global investments include Twitter Inc., JD.com and Lyft as well as Four Seasons Hotels, Resorts Accor Hotels and Movenpick Hotels in the hospitality sector. Kingdom Holding is known to be one of the largest foreign investors in the United States.
(Reporting by Brinda Darasha; editing by Bindu Rai)
