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Kingdom Holding cuts stake in U.S. News Corp.

Kingdom Holding cuts stake in U.S. News Corp.
Photo Credit: Arabianeye-Reuters

Kingdom Holding Co. (KHC) said in a bourse statement that it has completed a partial monetization program with respect to its stake in U.S.-based News Corp.

During its portfolio review last year, KHC decided to reduce the size of its investment in NewsCorp via an orderly disposal program that was predominantly executed in the first half of 2014 and successfully completed by the end of the year.

Accordingly, KHC has decreased its holding in NewsCorp from 13,184,477 class B shares, representing approx. 6.6% ownership to 2,000,000 class B shares, representing approx. 1% ownership, generating SAR 705 millions.

The funds raised from the sale will be reinvested in other potential investments.