Saudi billionaire purchases 1 percent of General Motors
A statement released today by Saudi billionaire Prince Alwaleed bin Talal says his company has invested $500 million in General Motors, which returned to trading last week. Alwaleed’s investment firm, Kingdom Holding Co., said the 1 percent purchase of GM was based on the company’s brand strength and growth prospects in China and Brazil.
The Nov. 18 IPO brought in around $15.6 billion for GM.
Alwaleed also has several major investments in international companies including Citibank, Disney and News Corp.
– By: Omar Rana
Source: MSNBC
