Alwaleed buys Saudi Fransi stake

DUBAI: Saudi Prince Alwaleed bin Talal’s Kingdom Holding signed an agreement to buy a 16.2% stake in Banque Saudi Fransi from Credit Agricole SA, in a deal valued at US$1.54bil.

Kingdom plans to buy 195.27 million shares at 29.5 riyals a share (US$7.87), according to a statement on the local stock exchange yesterday. The deal is expected to close in the second half. Credit Agricole was considering a sale of its 31% stake in the Saudi Arabian lender, in a deal that could potentially fetch about US$2.4bil, people familiar with the matter said in March. Saudi Fransi shares closed at 32.99 riyals in Riyadh on Monday.—