Kingdom Holding cuts stake in News Corp to 1%

04/02/2015 Argaam

Kingdom Holding Co. (KHC) said on Wednesday that it sold most of its holdings in News Corp as part of a portfolio review last year.

KHC decided to downsize its stake in the mass media company through a program it that kick-started in mid-2014 and successfully completed by the end of the year.

The investment company owned by Prince Alwaleed Bin Talal said it reduced its shareholding in News Corp from 13.18 million shares, or almost 6.6 percent in Class B shares to nearly two million shares, or 1 percent.

The sale generated SAR 705 million. Part of the proceeds was used in deleverage, while the other will go for future investments. KHC said the funds generated will be reinvested in other potential ventures.

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