Twitter investment of KHC and Prince al-waleed rises to $1.2bn

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), held a board meeting at the company’s headquarters in Riyadh. The meeting was held to oversee KHC’s performance in 2013, approve 2014 budget and operation strategy. The meeting also outlined and fortified KHC’s diversified investment strategy, long-term vision for growth and development, and for future prospective investment opportunities. During the meeting, the board referred to KHC and Prince Alwaleed’s combined investment in Twitter that has increased from $300 million to around $1.2 billion since Twitter’s IPO in November 2013 as per market closing on Friday Dec. 27. The meeting was attended by the KHC board It comprised Talal Al-Maiman, executive director for development and domestic investments and member of the investment committee, Shadi Sanbar, KHC’s chief financial officer (CFO) and member of the investment committee, Sarmad Zok, executive director of Hotel Investments and member of the investment committee, and the independent board members that comprises Saleh Al-Sagri, Taher Agueel and Rasha El-Hoshan. Prince Alwaleed represented Khaled Al-Saheem during the meeting in his absence. Mohammed Fahmy, deputy CFO, also attended the meeting. KHC also announced the retirement of Shadi Sanbar from his position as CFO effective December 31, 2013 during the board meeting. In addition, Sanbar will serve as senior financial adviser to Prince Alwaleed, chairman of KHC and will remain as a non-executive member of the board of directors of KHC and board member to other KHC associates namely Four Seasons Hotels and Resorts and Fairmont Hotels and Resorts Inc. Holding Limited. In addition, KHC announced the appointment of Mohammed Fahmy as the CFO effective January 1, 2014 and member of the investment committee. Also, KHC announced the appointment of Adel Alsayed, executive director for International and Private Equity as a KHC board member effective January 15, 2014. Source: Arab News