Saudi prince buys $1 b tech shares

Ulhas Joglekar ulhasj at
Sun Apr 9 06:16:06 PDT 2000

Friday 7 April 2000

Saudi prince buys $1 b tech shares DUBAI: Saudi Arabian billionaire Prince Alwaleed bin Talal said on Thursday he had invested $1 billion in technology-related shares over the past six months as prices in the sector dropped. The prince said in a statement sent to Reuters he had invested $400 million through a family trust in America Online Inc., raising the value of his investment in the Internet firm to $1.05 billion. He also said he had invested $400 million in computer firm Compaq and $100 million each in Eastman Kodak Co and office equipment giant Xerox . "We have been closely tracking the performance of some of these stocks for about two years, awaiting the right target price. We began executing orders in the last six months," the prince said in the statement issued by his Riyadh-based Kingdom Holding Company. He said the transactions had been made due to a correction in prices which was "one of those historic monents to seize". The latest investments raised the total value of the prince's technology, media and telecommunications holdings to more than $7.3 billion, the statement said. The prince said his company's technology, media and telecoms portfolio included stakes in News Corp., EuroDisney's Disneyland theme park , Kirchmedia , Apple Computer Inc and Motorola Inc . "We are not simply compiling an investment portfolio, we are amassing strategic holdings," the prince, a nephew of Saudi Arabia's King Fahd, said. The prince also holds investments in banks, hotels, broadcasting, airlines, computers, cars and real estate. (Reuters)

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