Saudi's Kingdom, Alwaleed buy $500 million of GM IPO

[boomerbust]

Source: reuters

November 23, 2010 10:09 AM ET
JEDDAH (Reuters) - Saudi investment firm Kingdom Holding and its Chairman Prince Alwaleed subscribed $500 million to General Motors' initial public offering, Kingdom Holding said on Tuesday.

"The decision of Kingdom Holding Co and Prince Alwaleed to invest in (GM) was based on the global strength of General Motors' brand, the relatively attractive offering price and the company's growth prospects in Brazil and China," Kingdom Holding said in a statement.

It said the purchase represented 1 percent of the value of the company.

The offering, which took place last week, ranks as the largest IPO in U.S. history as it raised $20.1 billion.



Read more: http://articles.moneycentral.msn.com/news/article.aspx?Feed=OBR&Date=20101123&ID=12444685&Symbol=GM

[DFab420]

1. hmmm

not sure what to make of this.. interesting stuff tho!

[whoneedstickets]

2. In other news GM abandons hybrid and electric car production..

while extolling the continued viability of the fossil fuel based economy.

[UnseenUndergrad]

4. What?

Given the small percentage of this stake and all the fanfare given the Volt, I can't tell whether this is clever snark or ignorant bashing.

[jberryhill]

5. I think the Saudis know they are running out of oil

[TatonkaJames]

3. Just the beginning ?

Didn't China also buy 1% last week ? Doh !

[Skink]

6. It's a worldwide company.