RIYADH: Prince Alwaleed bin Talal, chairman of the Kingdom Holding Company (KHC), has bought a $500 million stake in General Motor’s (GM) initial public offering on Nov. 18. The sum represents 1 percent of GM’s value.“GM strongly came back to global competition, where the company was able to reduce its operating and fixed expenses, strengthen its financial position and returned to profitability,” KHC’s executive director of private equity, Ahmed Halawani, said.
“We are confident that the current management of GM is able to deliver growth and profits over the coming years. We will be able to achieve the expected return on this investment,” he said.The investment marks the latest expansion of Alwaleed’s expansive portfolio, which includes stakes in a broad range of international giants like Citigroup, News Corp. and Disney. It also owns and manages prominent luxury hotels around the world like the Georges V in Paris.GM is one of the largest car manufacturers in the world, which builds its products in more than 120 countries – Arabnews