Prince Alwaleed's Kingdom Holding invests $283m in UK insurer Phoenix Group
Kingdom Holding, the investment company controlled by Saudi Arabia's Prince Alwaleed bin Talal, invested 1.06 billion Saudi riyals ($283 million) in UK-based insurer Phoenix Group, as it continues to boost its investments globally.
The move is part of Kingdom Holding's investment programme that was announced on June 23, and the stake in Phoenix Group was recently increased to 3.79 per cent, the Saudi company said in a statement to the Tadawul stock exchange, where its shares are traded.
“This investment is a continuation of KHC's [Kingdom Holding Company] strategy to invest in blue-chip companies that are considered market leaders in their field,” it said.
Founded in 1782, Phoenix is the largest savings and pension company and one of the largest insurance companies in the UK. It serves more than 13 million customers in the UK and Europe.
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