|Kingdom buys into Chinese B2C.|
Tuesday, 19th February 2013
Source : Kingdom Holding Company (KHC)
Kingdom Holding acquired a strategic stake in 360Buy Jingdong Inc for the value of SR1 1/2 Billion. The investment by KHC in this deal was approximately SR470 Million.
Prince Alwaleed: “Our deal solidifies the strategic relationship between Saudi Arabia and China”
Eng. Ahmed Halawani, Executive Director, Private Equity and International Investments commented saying: “This deal confirms KHC’s expertise to seek rewarding global investment opportunities, and to capitalize on them in light of their potential IRR in order to extract value for KHC shareholders.”
Eng. Halawani added: “This deal is also in line with Kingdom Holding’s private equity investment strategy through selecting high growth companies potentially seeking to be listed in one of the international capital markets within three years. The deal also reflects international companies’ confidence in Kingdom Holding and the strategic role it plays in adding real value to their shareholders base.”
Prince Alwaleed commented saying: “Our deal solidifies the strategic relationship between Saudi Arabia and China. The acquisition is also an extension of the initiative of the Custodian of the Two Holy Mosques to support the business alliance between Saudi Arabia and The People’s Republic of China. This was highlighted during the visit of the Chinese President Hu Jintao to Saudi Arabia. We are also pleased to fortify our investment and business ties with QInvest.”
The founder and CEO of 360buy Jingdong Inc., Richard Liu said, “We appreciate Kingdom’s support and we look forward to a long lasting and constructive relationship.”
This acquisition is in line with Kingdom Holding’s diversified and unique investment strategy following Prince Alwaleed and Kingdom Holding’s combined investment of $300 Million in Twitter.
KHC has a presence in China via Citibank. Moreover, HRH’s investment in the entertainment sector in China includes Disneyland Hong Kong and in the hotel sector via Four Seasons Hotels and Fairmont Raffles Hotel.
In April 2006, Prince Alwaleed had met with the Chinese President Hu Jintao at the Royal Guest Palace in Riyadh during his official visit to Saudi Arabia.