Saudi’s Kingdom, Alwaleed buy $500 million of GM IPO

Saudi investment firm Kingdom Holding 4280.SE and its Chairman Prince Alwaleed subscribed $500 million to General Motors’ initial public offering, Kingdom Holding said on Tuesday.

“The decision of Kingdom Holding Co and Prince Alwaleed to invest in (GM) was based on the global strength of General Motors’ brand, the relatively attractive offering price and the company’s growth prospects in Brazil and China,” Kingdom Holding said in a statement.

It said the purchase represented 1 percent of the value of the company.

The offering, which took place last week, ranks as the largest IPO in U.S. history as it raised $20.1 billion.

Saudi billionaire Alwaleed owns 95 percent of Kingdom Holding and has minority stakes in some of the world’s top companies. He is also a main shareholder in Citigroup Inc.

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