(MENAFN- Arab Times) KUWAIT CITY March 15: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud Chairman of Kingdom Holding Company (KHC) congratulated Mike Corbat CEO of Citigroup for passing the Federal Reserve's stress tests with highest and cleanest results among top Wall Street banks and also Prince Alwaleed congratulated and thanked Corbat for increasing dividend payment from 4 cents to 20 cents per annum which is equal to 400% increase and initiative a buyback program of as much as $7.8 billion dollars of stocks representing %5 of the group's market-cap.
Moreover Kingdom Holding Company and Prince Alwaleed are among largest investors in Citigroup. Furthermore Citigroup's share price climbed to $54 after announcing the Fed-tests results in extended trading. In 2014 Prince Alwaleed met at his office in Riyadh Mike Corbat CEO of Citigroup. Prince Alwaleed and Corbat discussed the latest developments in Citigroup and future plans of the company. In July 2014 Prince Alwaleed congratulated Corbat for Citigroup's Q2 positive results. In 2013 Prince Alwaleed was received by Corbat at the company Headquarters in New York. In the same year Prince Alwaleed received Mr. Corbat at his office in Riyadh.
The two discussed various topics related to their respective companies. Prince Alwaleed hosted a dinner in honor of and Corbat at Kingdom Resort. Prince Alwaleed is a prominent investor in Citigroup through KHC which operates in over 160 countries in the world since 1991 and is the largest single shareholder in the company. In 2008 Prince Alwaleed participated in a $12.5 billion private offering of convertible preferred securities of Citigroup. The new direct investment was made alongside an exclusive group of leading international investors.
The Prince converted the preferred shares in 2009 into common shares (voting shares). Founded in 1980 KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world's most successful and diversified business organizations highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region and internationally. The Company is recognized as one of the largest foreign investors in the United States. KHC's portfolio has its major interests in investment categories ranging from luxury hotels management hotel companies (Four Seasons Hotels and Resorts Fairmont Raffles Holding Intl and Mvenpick Hotels Resorts AG and Swissotel) and real estate (Kingdom Tower and project in Jeddah and Kingdom Riyadh project) to hotel real estate investments such as (The Plaza New York Savoy Hotel London and Four Seasons George V Hotel Paris and other hotels). KHC also has investments in Petrochemical (Tasnee) Media and Publishing (News Corporation and Saudi Research and Marketing Group) as well as in Entertainment (Euro Disney S.C.A). In addition Finance and Investment services (Citigroup) Social Media and Technology (Twitter and Jingdong). Moreover the Company has investments in Education (Kingdom Schools) Health Care (Medical Services Projects Company) Aviation (NAS Saudi Arabia) and Agriculture (Kingdom Agricultural Development Company KADCO Egypt).
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