BUSINESS

Saudi Prince Alwaleed bin Talal Reports $8.26 Billion Loss

02/21/2009 05:12 am ET | Updated May 25, 2011

RIYADH (Reuters) - Saudi billionaire Prince Alwaleed bin Talal is reviewing his investment portfolio, Saudi newspapers quoted him as saying on Wednesday, after his Kingdom Holding Co 4280.SE posted a record loss in the fourth quarter.

"Kingdom Holding Company is working on rebalancing its investments and to redirect them," Asharq al-Awsat newspaper quoted him as saying at a press conference for the Saudi media.

Kingdom Holding, in which Alwaleed holds a 94 percent stake, shocked investors after it announced a $8.26 billion net loss for the fourth quarter due to a dive in the value of its assets, which include a substantial stake in Citigroup (C.N).

Read more on Reuters

Suggest a correction