Firm of detained Saudi prince seeks to reassure investors
RIYADH, Saudi Arabia (AP) — The company chaired by a detained Saudi billionaire prince is seeking to reassure investors after its stock plunged following his arrest in a purported corruption sweep.
Prince Alwaleed bin Talal’s Kingdom Holding Co. said in a statement Monday that it has the government’s “vote of confidence” as it pursues its investment strategy and global business operations.
Prince Alwaleed is chairman of the company, which has investments in Twitter, Apple, Lyft, Citigroup and hotel chains like the Four Seasons, Movenpick and Fairmont.
CEO Talal al-Maiman says the company, which manages more than $12.5 billion of investments around the world, is focused on its “unwavering responsibilities” to shareholders.
The company, which lost 7.5 percent in trading Sunday, made no reference its chairman’s arrest.