Kingdom Holding shares dive after ‘arrest’ reports

LONDON: Kingdom Holding’s share price plummeted on Sunday following reports that its majority owner, Saudi billionaire Prince Alwaleed bin Talal, had been arrested.
Shares in the investment firm dropped by 9.9 percent — close to the maximum 10 percent allowed on one day — at the start of trading on the Tadawul exchange in Riyadh. The Kingdom Holding stock ended the day at SR9.50, down 7.59 percent on the previous close. The was despite the company’s announcement that it made profits of SR247.5 million ($66 million) in the third quarter. The investment company has holdings inside and outside Saudi Arabia.
Prince Alwaleed bin Talal was among 11 princes, four ministers and tens of former ministers detained, two senior Saudi officials told Reuters on Sunday.
The news came after King Salman decreed the creation of an anti-corruption committee.
Prince Alwaleed was arrested as part of the anti-corruption purge, Bloomberg reported.
The prince is listed by Forbes as the richest Arab with $18.7 billion to his name as of March 2017.
He has made investments in high-profile companies like Apple, CitiBank and Twitter.
Kingdom Holding could not immediately be reached for comment, Reuters said.