Prince Alwaleed bin Talal’s investment firm has boosted its stake in Phoenix Group Holdings, the second time in two days that it has increased its bets on UK asset management companies.
According to Thursday’s disclosure, Kingdom Holding increased its stake in Phoenix from 4% to 5%. According to Bloomberg’s calculations, buying about 10 million shares would have amounted to 58.7 million pounds ($73.8 million) at the close of trading on Wednesday.
This comes after an announcement on May 3 that Al-Waleed bin Talal Investment Company increased its stake in M&G Plc to more than 6%, in another deal valued at about 50 million pounds sterling. It is reported that “Kingdom Holding” increased its stake in “Phoenix” last September.
Prince Alwaleed bin Talal, 68, has become one of the most prominent Saudi investors after acquiring stakes in companies such as Citigroup and Apple. In May last year he sold nearly 17% of Kingdom Holding shares to the country’s powerful sovereign wealth fund, which is led by Crown Prince Mohammed bin Salman.
2023-05-04 16:43:29
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