'Business as usual' at Saudi Arabia's Alwaleed-led Kingdom Holding
The Saudi Arabian government's support of Kingdom Holding Company is a "badge of honour" for the organisation, according to chief executive officer, Eng Talal Al Maiman
Saudi Arabian conglomerate, Kingdom Holding Company, has announced that it is 'business as usual' in the organisation, despite international media reports regarding the detainment of its chairman.
On 5 November, 2017, Reuters reported that HRH Prince Alwaleed Bin Talal (pictured), the chairman of Kingdom Holding, was among the "11 princes, four current ministers, and tens of former ministers" that had been detained "in a probe by a new anti-corruption body headed by Crown Prince Mohammed Bin Salman".
In a statement posted on its website on 5 November, 2017, Kingdom Holding said it was aware of recent news reports relating to its chairman.
"Kingdom Holding Company is aware of various media reports regarding activities in Saudi Arabia on Saturday, 4 November, 2017, which relate to the company’s chairman of the board," the statement read.
"The company continues its normal business operations. The executive senior management team affirms its full commitment to continue the company’s work [and] its commitment to its investors and shareholders, and affirms the support of the Government of the Kingdom of Saudi Arabia.
"Kingdom Holding is proud of this testimony," the statement added.
The conglomerate, which holds interests in a diverse array of industries – including luxury hotel management, real estate, petrochemicals, entertainment, and technology – is developing the 1km-tall Jeddah Tower, touted to become the world's tallest building upon completion.
Commenting in the company statement, Kingdom Holding's chief executive officer, Eng Talal Ibrahim Al Maiman, said: "The support of the Government of the Kingdom of Saudi Arabia to Kingdom Holding is a badge of honour for us.
"Our company’s successful strategy remains intact and I look forward to advancing our business and create value to all our shareholders with the support of the board and the highly capable management team that has served this company since its listing on the Saudi stock exchange."
According to its profile on the Saudi bourse, Tadawul, Kingdom Holding was listed on the stock exchange in July 2007.
The company's stock plunged to a 52-week low of $2.46 (SAR9.26) on 5 November, 2017, and closed 7.59% lower at $2.53 (SAR9.50) for the day.
Kingdom Holding's Q3 2017 profit amounted to $66m (SAR247.5m), an improvement over the $94.7m (SAR355m) loss posted during the corresponding period of last year.
Revenues for Q3 2017 amount to $146.7m (SAR550m), a 76% hike compared to the group's Q3 2016 turnover of $83.5m (SAR313m).