A consortium of major French firms led by CDC International Capital (CDCIC), the investment arm of France's sovereign wealth fund, has approved an investment of SAR 563 million ($150 million) in Kingdom Holding Company (KHC), according to a statement issued by the Saudi conglomerate.
The value has been set as a minimum amount, which may increase, it added.
The deal will be subject to rules issued by Saudi Arabia’s market regulator, the Capital Market Authority (CMA) as regards to qualified foreign financial institutional investors (QFIs) in listed shares.
The stake percentage and acquisition share price will be determined at a later date, while the share price will be based on the stock’s trading price on Tadawul.
KHC is chaired by Saudi billionaire Prince Alwaleed bin Talal, who will continue to hold his full ownership stake.
According to Argaam’s earlier reports, the company said in a separate statement on Saturday that it had inked a memorandum of understanding with CDCIC to discuss the establishment of a jointly-managed SAR 1.5 billion fund ($400 million).
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