Saudi Arabian billionaire Prince Alwaleed bin Talal has sold 4% of his 6% stake in Canary Wharf for £121m.
A statement from the Prince’s office in the Saudi capital Riyadh said Prince Alwaleed (pictured) finalised the sale of 26,576,121 Canary Wharf shares on Tuesday.
“At £4.54 a share the Saudi royal businessman sold two-thirds of his Canary Wharf shares at a total price of $178m,” the statement said. Prince Alwaleed, who is known for his high-profile international investments, spent £44m to acquire about 6% of Canary Wharf in 1995 at the entry price per share of £1.11.
The statement quoted the Prince as saying his remaining 2% stake in Canary Wharf “will not be sold”. Prince Alwaleed said the sale was “a great opportunity for us to realise tremendous gains”.
Alwaleed is a member of a consortium which bought Canary Wharf out of receivership for a reported £800m in 1995 and then floated one-quarter of it in March 1999. Alwaleed, nephew of Saudi King Fahd, is ranked by Forbes magazine as the richest businessman outside the US.
EGi News 17/01/01
