Riyadh-Mubasher: Kingdom Holding Co. (KHC), the investment firm owned by business tycoon Prince Alwaleed bin Talal, will sell its 29.9% stake in Saudi Research & Marking Group (SRMG) at SAR 35 a share, totalling SAR 837.3 million.

The share price is 91% higher than the current market price of SAR 18.35.

On Sunday, 23.9 million shares of SRMG will be sold in a private off-market transaction at SAR 35 each.

The sale proceeds will be spent on KHC’s other corporate projects and investment opportunities.

The relevant financial impact will be reflected on financial results of the fourth quarter of 2015.