GM's (GM) IPO Is Prince-Worthy
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Saudi Prince Alwaleed bin Talal announced today that his Kingdom Holding Company invested $500 million in last week's General Motors (NYSE: GM) IPO. This represents an approximate 1% stake in the re-organized auto giant.
Prince Alwaleed said the decision to invest in GM was based on the global strength of the brand, the attractive valuation, and GM's growth prospects in Brazil and China.
Eng. Ahmed Halawani, Executive Director of Private Equity at Kingdom Holding Company commented: "GM strongly came back to global competition, where the company was able to reduce its operating and fixed expenses, strengthen its financial position and returned to profitability. We are confident that the current management of GM is able to deliver growth and profits over the coming years. We will be able to achieve the expected return on this investment."
Prince Alwaleed said the decision to invest in GM was based on the global strength of the brand, the attractive valuation, and GM's growth prospects in Brazil and China.
Eng. Ahmed Halawani, Executive Director of Private Equity at Kingdom Holding Company commented: "GM strongly came back to global competition, where the company was able to reduce its operating and fixed expenses, strengthen its financial position and returned to profitability. We are confident that the current management of GM is able to deliver growth and profits over the coming years. We will be able to achieve the expected return on this investment."
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