Shares of Kingdom Holdings Spike After Prince Al-Waleed’s Release
Shares in Saudi billionaire Prince Al-Waleed bin Talal’s Kingdom Holding spiked Sunday after he was released following 3 months of detention during a corruption probe
The share price of the company, 95% owned by Prince Al-Waleed, rose the maximum allowed 10% at the start of the week’s trading, retracing its mark from before his arrest.
The share price dropped when Prince Al-Waleed was arrested in November in an anti-corruption drive by the government.
Prince Al-Waleed is the most high-profile detainee among 350 suspects rounded up, including business tycoons and ministers, who were held in Riyadh’s luxury Ritz-Carlton hotel.
The Prince was released following an undisclosed financial agreement with the government, similar to deals that authorities struck with most other detainees in exchange for their freedom.
Kingdom Holding, traded on the Saudi Tadawul All-Shares Index (TASI) has been one of Saudi Arabia’s most important investors with shares in US tech giant Apple (NASDAQ:AAPL) and social media site Twitter (NYSE:TWTR), among others.
Have a terrific week.