Shares of arrested Saudi billionaires company dive 9.9pc
AFP
AFP, RIYADH: Shares in Kingdom Holding, 95 per cent of which is owned by billionaire Prince Al-Waleed bin Talal, dived 9.9 per cent as the Saudi stock exchange opened Sunday after reports of his arrest.
The Saudi Tadawul All-Shares Index (TASI) also dropped 1.6 per cent only a minute after the start of trading on the Arab worlds largest stock market following a sweeping crackdown on corruption that saw the arrest of leading royals and businessmen.
The Kingdom Holding share price did not slide further because, under the rules of the Saudi exchange, stocks are only allowed to fall a maximum of 10 per cent in a single trading session.
Since the start of 2017, Kingdom Holding has lost around 15 per cent of its market value.
The latest fall came despite the company announcing earlier on Sunday that its profit for the third quarter and the first nine months of the year increased.
Kingdom Holding is one of Saudi Arabias most important investors with shares in the Euro Disney theme park, US tech giant Apple and Rupert Murdochs News Corporation, among others.
It also has key stakes in banks at home and abroad, as well as a number of investment, media and agricultural companies.
Saudi Arabia reportedly arrested 11 princes, including Prince Al-Waleed, and dozens of current and former ministers, reports said late Saturday, in a sweeping crackdown as the kingdoms young crown prince consolidates power.
