RIYADH: Saudi Kingdom Holding Co. has invested SR1.01 billion ($268 million) in UK-based M&G plc., one of the leading insurance and asset management firms in Europe with over $370 billion in assets.
“This investment is aligned with KHC’s investment strategy of investing in global market leaders and further diversifies KHC’s exposure in new and promising sectors,” the company said in a filing to the Saudi Exchange.
KHC, a global investment company with assets of more than SR50 billion invested across 18 sectors, had earlier announced concluding a two-year multisector investment program valued at SR12.8 billion.
Prior to that, Saudi billionaire Prince Alwaleed bin Talal sold part of his stake in KHC to the Public Investment Fund in a $1.5 billion deal, reducing his interest to 78.13 percent.
According to the filing, the Saudi-listed investment firm has assets of more than SR50 billion across 18 sectors.