March 29, 2018 / 1:55 PM / in 16 minutes

Saudi Prince Alwaleed cedes cash distributions from Kingdom Holding

Reuters Staff

1 Min Read

RIYADH (Reuters) - Saudi Prince Alwaleed bin Talal, chairman of Kingdom Holding, has given up full entitlement of his share of proposed annual cash distributions, the company said in a bourse filing on Thursday.

FILE PHOTO: Saudi Arabian billionaire Prince Alwaleed bin Talal sits for an interview with Reuters in the office of the suite where he has been detained at the Ritz-Carlton in Riyadh, Saudi Arabia January 27, 2018, REUTERS/Katie Paul/File Photo

Prince Alwaleed, the kingdom’s most recognized business figure, was freed on Jan. 27 after being held at Riyadh’s Ritz-Carlton for three months in a campaign against corruption led by Crown Prince Mohammed bin Salman.

“Prince Alwaleed gave up his full entitlement of his share of the proposed annual cash distributions, which totaled ... 8.50 halalas per share (or) 299.2 million Saudi riyals ($79.8 million) quarterly,” the filing said.

Reporting by Marwa Rashad; Editing by Alexandra Hudson

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