Saudi billionaire Prince Alwaleed bin Talal has agreed to sell an SR5.7 billion ($1.5 billion) share in Kingdom Holding Co. to Saudi Arabia’s Public Investment Fund (PIF).
According to a stock filing, the PIF would receive a 16.87 percent ownership in Kingdom Holding, or 625 million shares.
Alwaleed bin Talal’s shareholding will fall to 78.13 percent after the transaction is completed.
Kingdom Holding, situated in Riyadh, was founded in 1980 and is involved in a wide range of investment activities.
The investment firm’s shares jumped 8.8% to top the gainers in early Sunday trade, with a share price of SR9.89 at 10:53 a.m. Saudi time.