Saudi billionaire Prince Alwaleed Bin Talal’s investment firm sold a stake valued at almost $US190 million in News Corp, reducing its holding in Rupert Murdoch’s media company to about 1 per cent.
Alwaleed’s Kingdom Holding cut its ownership of Class B shares to 2 million from 13.2 million, or 6.6 per cent, it said in a statement to the Saudi bourse Wednesday. The sale generated 705 million riyals ($241.7 million), which will be used for other investments, it said. Through Kingdom, Prince Alwaleed holds stakes in companies including Citigroup and Twitter. Continue reading