RIYADH — Kingdom Holding Company (KHC) announced on Sunday that major shareholder and founder Prince Alwaleed Bin Talal signed an agreement with the Public Investment Fund (PIF) to sell 625 million shares, representing 16.87% of the company’s share capital.

The deal was made through a private sale and purchase transaction at SR9.09 each.

The transaction will take place on Saudi Arabia's stock exchange Tadawul on Sunday, the company said.

Following the deal, the remaining 78.13% will be under the ownership of Prince Alwaleed, in a major boost to the committed long-term holdings and a continuation of his confidence in KHC, which he founded 42 years ago, said Kingdom Holding in its statement.

Based on the stock price, the sale value reaches SR5.68 billion. — SG