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RIYADH, Saudi Arabia (AP) - Saudi billionaire Alwaleed bin Talal has acquired $1 billion worth of shares in Internet companies and blue chip performers, taking advantage of recent stock price blows, a statement issued by his company said Tuesday.
Alwaleed, chairman of Kingdom Holding Co., ``made the bulk of the acquisitions right when the market corrected in mid-April,'' the statement said.
The prince, a nephew of Saudi King Fahd, has acquired a $50 million stake in each of a number of Internet companies: Amazon.com, Priceline.com, InfoSpace.com, Internet Capital Group Inc., eBay.com and DoubleClick.com.
Similarly, he bought a $50 million stake in each of the following ``old'' economy stocks: Gillette Co., McDonald's Corp., Procter & Gamble Co., Coca-Cola Co., PepsiCo Inc., Ford Motor Co. and Walt Disney Co.
Kingdom Holdings also acquired shares worth $150 million in AT&T and a $200 million stake in MCI WorldCom.
The purchases are in addition to $1 billion worth stocks Alwaleed had purchased in the past six months in the technology, media and telecommunications sectors. His total net worth is estimated at around $20 billion, including $8.5 billion worth of stock in Citibank and a number of other interests, such as real estate, hotels and department stores.
AP-NY-05-16-00 0908EDT |
