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Saudi- Kingdom Holding Co. decreases stake in Newscorp
(MENAFN- Arab News) Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal has announced the completion of a partial monetization program with respect to its stake in NewsCorp.
During its portfolio review last year KHC decided to reduce the size of its investment in NewsCorp. via an orderly disposal program that was predominantly executed in the first half of 2014 and successfully completed by the end of the year.
As a result KHC has decreased its holding in NewsCorp. from 13184477 class B shares representing around 6.6 percent ownership to 2000000 class B shares representing around 1 percent ownership generating $188 million.
This action had no impact on KHC's 6.6 percent holding of Twenty-First Century Fox worth around $1.7 billion at current market prices.
Prince Alwaleed bin Talal commented: 'The reduction of KHC's holding in NewsCorp. has been decided in the context of a general portfolio review. We remain firm believers in NewsCorp's competent management led by CEO Robert Thomson and are fully supportive of Rupert Murdoch and his family.'
Prince Alwaleed said: 'Our investment in Twenty-First Century Fox constitutes a solid foundation for our long standing relationship that we expect will endure. Twenty-First Century Fox owns a 19 percent stake in Rotana Group that I own independently from Kingdom Holding.'
Mohammed Fahmy CFO commented: 'As an actively managed holding company KHC reviews its portfolio of publicly listed and private investments on a regular basis. Decisions to add hold dispose of or reduce particular investments are always considered in the context of the overall portfolio allocation.'
During its portfolio review last year KHC decided to reduce the size of its investment in NewsCorp. via an orderly disposal program that was predominantly executed in the first half of 2014 and successfully completed by the end of the year.
As a result KHC has decreased its holding in NewsCorp. from 13184477 class B shares representing around 6.6 percent ownership to 2000000 class B shares representing around 1 percent ownership generating $188 million.
This action had no impact on KHC's 6.6 percent holding of Twenty-First Century Fox worth around $1.7 billion at current market prices.
Prince Alwaleed bin Talal commented: 'The reduction of KHC's holding in NewsCorp. has been decided in the context of a general portfolio review. We remain firm believers in NewsCorp's competent management led by CEO Robert Thomson and are fully supportive of Rupert Murdoch and his family.'
Prince Alwaleed said: 'Our investment in Twenty-First Century Fox constitutes a solid foundation for our long standing relationship that we expect will endure. Twenty-First Century Fox owns a 19 percent stake in Rotana Group that I own independently from Kingdom Holding.'
Mohammed Fahmy CFO commented: 'As an actively managed holding company KHC reviews its portfolio of publicly listed and private investments on a regular basis. Decisions to add hold dispose of or reduce particular investments are always considered in the context of the overall portfolio allocation.'
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