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Saudi prince to become the biggest shareholder of Suncore

According to Pulse by Maeil Business News Korea

Prince Khaled bin Alwaleed, son of Saudi Arabia’s Kingdom Holding Company Chairman and Prince Alwaleed bin Talal Al Saud, will become the largest shareholder of a South Korean machinery components provider Suncore Inc.

The Kosdaq-listed company announced Thursday that among the new 2,901,350 shares worth 15 billion won ($13 million) it plans to list on December 20, Khaled will buy about $10 million worth stocks, marking the first time for a Saudi Arabian royal family member to become the biggest shareholder of a Korean company.

Suncore has been participating in a large-scale construction project called Jeddah Project led by the elder Prince Alwaleed bin Talal. The project aims to build a new town called Kingdom City and the world’s tallest 200-story building Kingdom Tower in the city of Jeddah. “With Prince Khaled becoming the largest shareholder of Suncore, we would be able to hold a firm grip on the Jeddah Project and Saudi Vision 2030 project,” the company said.

The prince told reporters that he would meet other companies and government officials during his first visit to Korea, adding that he hoped a long-lasting economic cooperation between Saudi and Korea.

Suncore shares closed Thursday at 5,300 won, down 14.24 percent or 880 won from the previous session.

By Moon Il-ho

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Oct. 20, 2016)

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