Kingdom Holding Co. has resumed discussions with local and international banks to raise about $1 billion in loans to buy a stake in Banque Saudi Fransi (BSF), Bloomberg reported on Thursday, citing sources familiar with the matter.
The plan to secure the financing was put on hold in November, following the detention of the investment firm’s owner Prince Alwaleed bin Talal in the Kingdom’s anti-corruption purge, the agency reported at the time.
Kingdom Holding in September bought a 16.2 percent stake in BSF, representing 195.27 million shares.
The shares were purchased from Credit Agricole Corporate & Investment Bank (Credit Agricole CIB) for a total value of SAR 5.76 billion, at a price of SAR 29.5 per share.
Kingdom Holding is now the largest shareholder in BSF, adding to a portfolio that includes stakes in Citigroup, Twitter, and Accor Hotels.
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