Photo Credit:Reuters/Fahad Shadeed Saturday, Feb 16, 2013
DUBAI (Zawya Dow Jones)--Kingdom Holding (4280.SA), the investment firm controlled by Saudi Prince Alwaleed bin Talal, said it was part of a consortium that paid 1.5 billion Saudi riyals ($400 million) for strategic stake in an online Chinese retailer.
The value of Kingdom Holding's investment in 360Buy Jingdong Inc. is about SAR470 million, the company said in an emailed statement on Saturday. Kingdom was advised on the deal by Qatar's QInvest.
"This deal confirms KHC's expertise to seek rewarding global investment opportunities, and to capitalize on them in light of their potential IRR in order to extract value for KHC shareholders," said Ahmed Halawani, Kingdom's executive director, private equity and international investments.
E-commerce is skyrocketing in China. Retail transactions on the Web are poised to rise fivefold to 665 billion yuan ($100 billion) over the next two years, according to forecasts from Beijing-based research firm Analysys International. The number of online shoppers in China is expected to rise to 329 million in 2015, more than double the count in 2010, with each one spending on average nearly $1,000 a year online, according to consulting firm Boston Consulting Group.Mr. Halawani said Kingdom's latest investment fits the firm's strategy of identifying high growth companies potentially seeking to be listed on international capital markets within three years.
Kingdom and Prince Alwaleed already have a strong connection to internet-related investments. In 2011, Prince Alwaleed and Kingdom Holding announced a combined investment of $300 million in the social networking site Twitter.Prince Alwaleed owns 95% of Kingdom Holding, according to Zawya.com. He holds sizable stakes in companies including Citigroup Inc. (C), News Corp. (NWS), Apple Inc. (AAPL) and Time Warner Inc. (TWX). News Corp. owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal.
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16-02-13 0700GMT
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