Prince Alwaleed bin Talal Said He Won't Sell Citigroup (C) Shares
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Following news this morning that Citigroup (NYSE: C) will repay TARP, Prince Alwaleed bin Talal issued a statement saying he won't sell any stock:
"HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) stated that he will not sell Citigroup shares contrary to the current move by some sovereign funds to sell their shares.
Prince Alwaleed re-affirms his support of Mr. Vikram Pandit CEO of Citigroup and management. His Royal Highness also commends their decision to exit TARP at a time where they saw it prudent to do so. Although Citigroup’s negotiations with the U.S. Government have taken some time, today’s announcement gives Citigroup more certainty as to how they will conduct their business profitably.
Prince Alwaleed invested in Citigroup through KHC in 1991 with an ownership of 3.6%. In January 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 size of Prince Alwaleed’s investment in the convertible preferred securities is in line with maintaining his direct and indirect interests through KHC, below the 5% ownership threshold which made him the largest single shareholder in Citigroup."
"HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) stated that he will not sell Citigroup shares contrary to the current move by some sovereign funds to sell their shares.
Prince Alwaleed re-affirms his support of Mr. Vikram Pandit CEO of Citigroup and management. His Royal Highness also commends their decision to exit TARP at a time where they saw it prudent to do so. Although Citigroup’s negotiations with the U.S. Government have taken some time, today’s announcement gives Citigroup more certainty as to how they will conduct their business profitably.
Prince Alwaleed invested in Citigroup through KHC in 1991 with an ownership of 3.6%. In January 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 size of Prince Alwaleed’s investment in the convertible preferred securities is in line with maintaining his direct and indirect interests through KHC, below the 5% ownership threshold which made him the largest single shareholder in Citigroup."
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