Saudi Prince's Kingdom Holdings to increase Twitter stake
Saudi monarch Prince Alwaleed bin Talal has appeared to be likely to purchase more shares in the upcoming IPO of much anticipated microblogging website Twitter, The purchase would be made through Kingdom Holding Co, which already had invested USD300 million in the company two years ago.
While the actual shareholdings of the Saudi prince has not been revealed, the interest in investing more into Twitter through a statement made by KHC CFO during the announcement of the financial results for the quarter ending on September.
According to Kingdom Holdings CFO Shadi Sanbar, "KHC continues to look at various investments opportunities such as Twitter. The company has substantial cash available and a strong borrowing base to pursue opportunistic investments."
KHC's announcement on Twitter comes after it recorded a net income worth SAR115 million during the first three quarters of 2013. This is an increase of 2.8%, with quarterly results up by 1% compared to 2012. During the third quarter, the report indicated, gross operating profit increased by 28.4% during the third quarter of 2013 at a cost of SAR366 million.