Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (142803)	1/20/2009 2:31:30 PM
From: Rocket Red	Read Replies (2) \| Respond to of 314299

Obama's first day a big sea of red in da markets hope that not of sign of things too come

To: koan who wrote (142803)	1/20/2009 2:43:29 PM
From: Rocket Red	Read Replies (1) \| Respond to of 314299

Prince's firm takes $8-billion hit Tuesday, January 20, 2009 RIYADH — — The investment firm of Saudi billionaire Prince al-Waleed bin Talal, the largest private shareholder in Citigroup Inc., posted an $8.26-billion (U.S.) net loss in the fourth quarter as the value of its assets dove. Kingdom Holding Co., also the largest private shareholder on the Saudi bourse, liquidated “some international and local” assets in 2008, board member Ahmad Halawani, told Al Arabiya television. “The company's investment committee has taken some decisions last year to sell some of the company's assets ... The majority of these losses were realized on investment in shares traded internationally and locally,” Mr. Halawani said. He declined to say whether the Citigroup stake was part of the stakes it had shed, but said Kingdom's assets had fallen 44.4 per cent to $13.3-billion. “I don't want to give more details on where these investments were,” he said when asked if Citigroup shares were part of assets sold. The company is now in the process of “achieving balance in our investment portfolio,” Mr. Halawani added, without elaborating. The firm, which holds minority stakes in several of the world's top firms, has booked a $4-billion provision by end-2008 for declines in local and international share prices, Mr. Halawani said. Kingdom Holding announced a fourth-quarter net loss of 30.97-billion riyals ($8.27-billion U.S.) after the Saudi bourse closed on Tuesday. “The loss is mainly due to losses realized on our investments in capital markets,” the company said in a statement posted on the stock exchange's website. Mr. Halawani said the “current global and local conditions affecting stock markets have a direct impact on Kingdom Holding Co“. Kingdom made a net profit of 255.7-million riyals in the three months to Dec. 31, 2007. Prince al-Waleed was the world's 19th richest person with a $21-billion fortune, according to Forbes magazine's latest survey. About 90 per cent of Prince al-Waleed's holdings in Saudi shares are in Kingdom, in which he owns a 94 per cent stake. Kingdom last week reduced to below 5 per cent its stake in Samba Financial Group, Saudi Arabia's second-largest listed bank, and it also owns 10 per cent of Savola Group, according to bourse data. The conglomerate also owns 6.2 per cent in Saudi industrial group Tasnee and is the largest shareholder in Saudi Research and Marketing Group, publisher of pan-Arab daily newspaper Asharq al-Awsat, with a 29.9 per cent stake. © Copyright The Globe and Mail Citigroup -------------------------------------------------------------------------------- Copyright © 2009 CTVglobemedia Publishing Terms of Service \| Privacy Policy \| Legal Policy