رادار الشاشة
26-05-2007, Sat 4:35 PM
وهذا كامل ما نشرته ميد
Floating Kingdom
SAUDI ARABIA
25 May 2007
Prince Alwaleed bin Talal al-Saud has built Kingdom Holding Company into one of the biggest private investment houses in the world. Next month, it will be floated on the Saudi bourse. In an exclusive interview with MEED, he explains why Richard Thompson reports
Prince Alwaleed bin Talal al-Saud is used to making headlines. His forays into the world’s capital markets through his investment vehicle, Kingdom Holding Company, are usually significant, and his success in picking stocks over the past three decades has made him one of the richest men on earth with, he says, a net worth of about $20,000 million.
With significant holdings in some of the world’s most powerful companies including Citigroup, where it is the biggest shareholder, News Corporation, Apple, Four Seasons, Disney, PepsiCo and eBay, Kingdom Holding has a global presence. Alwaleed is now set to create one of the biggest splashes of his career.
Speaking exclusively to MEED in his Riyadh office, Alwaleed revealed that in the next few weeks he will float Kingdom Holding on the Saudi Arabian stock exchange. The news that one of the world’s leading private investment houses is to be listed on the Tadawul is important for the bourse and for Saudi Arabia, significantly raising Riyadh’s profile as a regional, rather than merely national, financial centre. “The objective is to be a publicly traded company in Saudi Arabia before the end of this quarter,” Alwaleed says.
The listing will go a long way towards restoring confidence in the bourse, which is struggling to recover from a 14-month-long correction that caused it to lose about 60 per cent of its value between December 2005 and February 2007. The IPO is sure to attract interest from retail and institutional investors globally, as well as in the kingdom.
By listing in Riyadh, Alwaleed is not only giving local investors the opportunity to buy into some of the world’s biggest companies, but is also sending a powerful message to the outside world. “It is an eye-opener for all the world to think, ‘wow that company is in Riyadh’,” he says.
The symbols of Kingdom Holding’s global presence are displayed in Alwaleed’s office. In the lobby are rows of photographs of him meeting political and business leaders such as US President George Bush and Microsoft founder Bill Gates. On a table are dozens of honours given to the prince as a result of charitable donations by his Kingdom Foundation – an estimated $2,500 million during the past decade.
Filling the wall behind his desk are the logos of hundreds of major brands in which he has an interest. It is a visual Who’s Who of global business at the start of the 21st Century, and underlines the significance of Kingdom Holding’s listing in Riyadh.
“This company in downtown Riyadh is the biggest shareholder in Citigroup,” he says. “It is in partnership with Bill Gates to own the Four Seasons. It is the owner of the best hotel in the world – Georges V in Paris. It is the second biggest holder in media in the world, after Rupert Murdoch. It is the second biggest shareholder in Canary Wharf – the biggest real estate development in London. It is the second biggest shareholder in Disneyland Paris after Walt Disney. And it is the majority owner of the biggest and best hotel brand in the Far East, Raffles in Singapore.” The list goes on.
Alwaleed declined to give details of the share sale, citing a confidentiality agreement with the Capital Markets Authority (CMA).
However, there has been speculation for some time that he is seeking to sell about 30 per cent of the company.
This would raise several billion dollars that could be steered towards new investments, such as two mega real estate developments planned in Jeddah and Riyadh, worth about $20,000 million. Citigroup and Samba Financial Group are working on structuring the sale.
The complexity of the deal has delayed the sale, initially targeted for late 2006.
Discussions have covered the thorny issue of opening the offering to non-nationals. At present, international investors cannot buy directly on the Tadawul, although they can access the market through funds. And although Kingdom Holding shares are bound to be of interest to international institutions, the CMA is reluctant to open up to them while there is an abundance of domestic liquidity. “It will be to Saudi citizens,” says Alwaleed. “Either retail or institutional investors. The IPO process will be the same as for any other company.”
Kingdom Holding will be the first investment company to be floated on the Tadawul, and this has also slowed the process.
“We have been in discussions with the CMA for one year now, so the scrutiny for our company has been the same as for others, if not a little bit more, because we are really a one-of-a-kind situation,” he says. “We are an investment holding company that has never been looked at in Saudi Arabia, and has never gone public. So inevitably the discussion with the CMA has been a lot more intense and deep.”
Another factor in the timing of the flotation has been the performance of the Tadawul over the past year. The collapse of the market since January 2006 has seen the Tadawul All-Share Index (Tasi) fall from about 21,000 to about 6,500 in February 2007.
“We feel that the Saudi market is becoming more mature,” he says. “It is not mature yet but it is maturing. Plus we always wanted to go public. I always wanted to assist my country, so that is why I decided to put everything here.”
Alwaleed operates in a state of hyperactivity. At his desk, he switches between conversations, sending text messages, reading newspapers, watching stock prices on the many televisions in the room, and reading and signing the constant stream of documents placed before him. He appears able to assimilate large volumes of information and make decisions quickly.
But when a subject grabs his attention, he becomes intensely focused. Unsurprisingly, the Saudi stock market is one of those subjects.
In January, with the Tadawul still on its downward trend, Alwaleed announced that Kingdom Holding was investing $1,300 million to acquire blue-chip stocks. In the banking sector, it increased its holdings in Samba; in the food industry, Savola; and in industrial projects, National Industrialisation Company (Tasnee). Many saw this as an attempt to prop up the market. Alwaleed strongly denies this.
“We did not invest to prop up the market,” he says. “When we invested, the Tasi went down to about 6,500. Now it is up at 7,500. So when we bought the price was low. The price/earnings ratio of some of the companies we bought was between 10 and 12. We were doing it as an investor. Inevitably, the announcement of these investments built a floor. The stock market went up to 8,000. Now it is back to 7,500. So we did not buy to prop up the market; we bought because we believed they were acceptably priced.”
Alwaleed has strong views on the impact of the crash on the Saudi economy and what needs to be done to prevent a repeat scenario.
“Saudi Arabia in the past two to three years witnessed a huge boom,” he says. “A lot of money came to the system – public and private. We were flush with a lot of money and at that time the opportunities were clear. The population had two opportunities: to invest in real estate or channel money through the stock market. Clearly, with real estate, you invest and have to wait some time to get your money out. The stock market was really a short cut, supposedly to many people, to get into the market. They really were into wild speculation. And the bubble was built. And the bubble deflated.”
Alwaleed was one of several observers to warn of the threat of a correction in the weeks and months before the crash. But he suggests the correction has not been as bad as many feared. As the owner of many assets in the kingdom, including supermarkets, food producers and hotels, he is well placed to monitor its effect on consumers.
“People were affected, but not in a devastating way,” he says. “We have seen that through consumer habits and spending. We had a dip in the first four months after the crash. From our supermarkets, we can monitor the shopping trend. We can compare month by month. There are many indicators. The consumer has been able to get over it.”
In the long term, he believes that, while painful for many, it will turn out to be beneficial to the Saudi economy.
“Saudi has big opportunities,” he says. “People went back into trading in the stock market, albeit at a lower level. No more of these huge crazy profits. And they went back into real estate. I cannot say that it did not happen without people being hurt. They were hurt for sure and they got a big lesson. And I think that, in hindsight, that lesson was needed. Because everybody thought he was going to be a millionaire or a billionaire overnight.”
He is clear that lessons need to be learned to reduce the chances of future large corrections. He wants the government to accelerate the liberalisation of the market.
“I have suggested four quick remedies to the CMA, Commerce Ministry and Finance Ministry,” he says. “First, that they require companies in Saudi Arabia to give their figures quarterly. Second, they permit foreign companies, institutional or individual, to invest in Saudi companies. If there is any worry or concern about having some foreigner control a company in Saudi, then introduce another class of traded securities that is permitted for outside shareholders. This is important as it enlarges and widens the trading in each share in Saudi Arabia. It is also an indicator for the Saudi population of how Westerners or outsiders look at Saudi Arabia. Third, if a company share price crashes to a ridiculous price, we should allow that company to buy its own shares. All developed OECD countries permit companies to buy their own shares.”
He is most passionate, however, on the need for greater transparency from the kingdom’s publicly quoted companies. Corporate governance in Saudi Arabia is weak, he says.
“It does not make sense to me that two companies that recently went bankrupt were trading normally just days before trading was halted," he says. “There was no warning. We need transparency and proper corporate governance. The CMA and the authorities in Saudi Arabia have promised to look at these very carefully and take decisions. We are pushing hard. They are common sense. They are practical. We don’t want any artificial measure to prop up the stock market; we want something on a consistent basis.”
Restructuring Alwaleed is leading by example. As part of his preparations for the flotation of Kingdom Holding, he is restructuring the company. At present, it is entirely in the hands of Alwaleed, who, as chairman without a board of directors, takes all the decisions.
“We are following, to the last letter, all the corporate governance that has been dictated by the CMA,” he says. “We will have independent directors. We will have an audit committee and we will have a compensation committee.”
Alwaleed will remain as chairman but there will be a clear delineation between his private assets, such as offices and planes, and those of the company. He will also become an employee of the company, albeit it on a nominal wage of SR 1 a year.
“I am going the extra mile on purpose because Kingdom Holding is looked at as being the most advanced company in Saudi Arabia,” he says. “The board of directors is me now. This is a privately owned company and I am the owner. When we float we will have about seven or eight directors. We are still holding discussions but we will have independent directors. I will be chairman and chief executive. I will remain fully committed to Kingdom Holding Company.”
The distinction between Alwaleed’s business and private spheres is somewhat blurred, with his duties as a senior royal and an influential businessman often overlapping, particularly where the government is concerned.
Although he has no formal role in government, Alwaleed says his position places extra responsibilities on him. “I believe in a sense of duty,” he says. “Being a Saudi man, a member of the royal family, puts a big burden of responsibility on me. I cannot just invest and put the money in the bank. I have to plough part of it back into society, to the system, to my religion, to the whole world civilisation.”
His success means he also has a role as a commercial ambassador for his country. It is no coincidence his company is called Kingdom Holding. “My investments never contradict the policy and philosophy of my country,” he says. “They run parallel with it. We reflect the wishes and policies of Saudi Arabia.”
Political role During the past three years, Alwaleed has shown he is adept at picking stocks, whether opportunistically or strategically. But it is clear that his investments in the kingdom are also partly driven by a sense of patriotic responsibility. “I invest in areas that also have some political ramifications,” he says. “It is not necessarily just as outward investment. When I go to countries, I am being met not only as a businessman but also as a member of the royal family, and as a Saudi. So it is a package deal.”
“When the president of China came here, King Abdullah asked me to meet him. Based on that I met him, I visited China and now we are negotiating many deals with them. Also, the president of Indonesia visited Saudi Arabia, as did the president of the Philippines. I reciprocated, and now we have signed deals. Crown Prince Sultan visited Singapore and Malaysia, we visited those countries, and now we have many investments there.”
Given the high level of co-ordination between Alwaleed and the Saudi government, does he see himself as a quasi-national investment agency? “Yes,” he says. “That is basically correct. It is not explicit, but it is de facto that way.”
However, he strongly refutes any suggestion that he is a vehicle for government investment overseas. “I am a private citizen and all of our investment is separate,” he says. “I have heard some people say that I am a front channel. I have taken the transparent path for 25 years. We invest for ourselves and have nothing whatsoever to do with the public investment.”
رادار الشاشة
26-05-2007, Sat 6:31 PM
وبالعربي النقاط الرئيسية
* قال ان الهدف هو الطرح قبل نهاية الربع.... يعني ما فيه شيء رسمي...
* المسألة تطبخ من أكثر من سنة لكن لحجم الطرح الاستثنائي الموضوع ياخذ وقت
* لم يتحدد نسبة ما سيطرح, 30% هو توقع وليس حقيقة ثابتة بعد
* انه سيجذب المستمرين الدولين من مؤسسات وافراد..
* ان الصناديق فيما يبدو سيكون لها نصيب ليس بالهين من الشركة...
*يطالب الوليد بالسماح للمستثمر الاجنبي, وقال ان كان هناك خوف من سيطرة الاجانب ممكن وضع قوانين لحل ذلك يصنفهم كمستقلين..
* يطالب بالسماح للشركات بشراء اسهمها في حالة نزولها لسبب غير منطقي
* يتضح مما نشرته ميد التوجه المؤسسي وربما العالمي لتغطية الاكتتاب
=============
وانا اقول لو ان الاكتتاب 5 مليار وفيها اشياء حرام صريح بهالشكل اشك انها بتتغطى.. وسيكون هناك ما هو اشبه بالمقاطعة...
الشركة اكبر ملاك اسهم في سيتي جروب الربوي وشريك لبل جيتس في فندق الفور سيزنز... و ثاني اكبر مالك شركات الاخبار بعد الصهيوني "ميردوخ" ( ليته أثر مثل تأثير الصهيوني ) وكذلك شركة ابل وديزني وبيبسي واي باي.
ghenaim
26-05-2007, Sat 9:54 PM
الأمير الوليد: طرح "المملكة االقابضة" قبل نهاية الربع الحالي، ولم نشتر أسهما في السوق قبل عدة اشهر لدعم الأسعار وإنما لوجود فرصة استثمارية جيدة
أرقام 26/05/2007
قال الأمير الوليد بن طلال لمجلة ميد أنه ينوي خلال الأسابيع القادمة طرح جزء من شركة المملكة القابضة في السوق السعودي.وقال أن هدفه أن يتم تداول السهم في السوق السعودي قبل نهاية الربع الحالي.
وأضاف أن طرح سهم المملكة القابضة في السوق سيؤدي إلى جذب أنظار العالم الى سوق الأسهم السعودي.
وتعد شركة المملكة القابضة أكبر مالك للأسهم في مجموعة "سيتي جروب" أكبر البنوك في العالم , كما تمتلك حصصاً في العديد من الشركات العالمية.وأضاف الأمير الوليد أنه غير قادر على إعطاء تفاصيل أكثر عن عملية الطرح وسعر الطرح في الوقت الحالي نظرا لوجود اتفاقية مع هيئة سوق المال بعدم إفشاء أي معلومة.
وكانت بعض المصادر قد أشارت في وقت سابق إلى أن نسبة الطرح ستكون 30% من إجمالي أسهم المملكة القابضة. كما أشارت هذه المصادر إلى أن عوائد الإكتتاب التي سيجنيها الأمير الوليد سيتم إنفاقها لإنشاء مشروعين عقاريين كبيرين في جدة والرياض.
الإكتتاب: للسعوديين فقط
وكان من المفترض ان يتم طرح جزء من أسهم الشركة للإكتتاب العام في نهاية عام 2006 ، غير أن ذلك تأخر بسبب عدم استقرار السوق ووجود بعض الأمور العالقة التي لم يتم التوصل فيها إلى حل، وعلى رأسها مسألة أن يكون الاكتتاب مفتوحا للأجانب بالاضافة للمواطنين وهو ماترددت الهيئة في قبوله على حسب قول المجلة.
وأكد الأمير الوليد أن الاكتتاب سيكون مخصصا للسعوديين فقط سواءا كانوا أفرادا أو مؤسسات، وسينطبق على المملكة القابضة نفس القوانين التي تنطبق على الشركات الأخرى التي ترغب في إدراج أسهمها.
سنة كاملة من المحادثات مع هيئة السوق المالية
وقال الأمير الوليد أن المملكة القابضة أمضت قرابة السنة إلى حد الآن في مفاوضات الطرح مع الهيئة، وأنه تم إجراء فحص كامل لأوضاع الشركة كما يتم فحص الشركات الأخرى المعدة للطرح وربما أكثر بالنسبة لنا لكون شركتنا فريدة ومختلفة عن باقي الشركات نظرا لكوننا شركة استثمار قابضة ولم يتم طرح شركة مشابهة لشركتنا في السوق السعودي من قبل.
السوق السعودي لم يبلغ مرحلة النضج بعد
وقال الأمير الوليد أن السوق السعودي لم يبلغ مرحلة النضج بعد، لكنه على أي حال أكثر نضوجا مما كان عليه في السابق. واشار أنه كانت لديه الرغبة دائما لطرح جزء من الشركة، كما أنه لديه الرغبة لمساعدة بلده لذلك قرر اجراء الطرح في السعودية وليس في خارجها.
الإستثمار في سوق الأسهم خلال شهر يناير الماضي
وقال الأمير الوليد في تعليق على مؤتمره الصحفي الذي عقده في شهر يناير الماضي، حينما أعلن أنه سيستمر ما مجموعه 1300 مليون دولار في سوق الأسهم السعودي، أنه غرضه لم يكن دعم السوق ورفع الأسعار ولكن لوجود فرص مجزية في السوق آنذاك فبعض الشركات التي اشترينا فيها كان مكرر الربح يتراوح بين 10 إلى 12 مرة فقط، ولكن الإعلان وضع حدا لهبوط السوق ليبدأ الإرتفاع بعد قرارنا بالاستثمار.
توقعنا انهيار فقاعة الاسهم
وقال الأمير الوليد أن ماحدث خلال السنتين او الثلاث الماضية هو أن السيولة كانت كبيرة لدى الناس سواء كأفراد أو مؤسسات وكان أمامهم طريقين فقط للإستثمار، إما في العقار الذي يحتاج وقتا طويلا لاستعادة رأس المال أو في الأسهم واختار الناس الطريق الأسرع وهو سوق الأسهم، وهو ما أدى إلى مضاربات محمومة ومن ثم نشوء الفقاعة ثم انهيار السوق في مرحلة لاحقة.
لكن تأثير الانهيار على الحركة الاقتصادية كان أقل مما كان متوقعا
وقال الأمير الوليد أنه من خلال رصد العادات الاستهلاكية للناس وقدرتهم على الإنفاق فإنه بالامكان القول أن تأثير انهيار الأسهم كان أقل مما توقع، فمن خلال متابعتنا مثلا لحجم المبيعات في الأسواق المركزية (بندة) وجدنا أن نسبة الانفاق انخفضت في الأربعة اشهر الأولى بعد انهيار السوق قبل أن تعود الأوضاع إلى قريب من مستواها الطبيعي.
كان الناس بحاجة لتعلم الدرس
وقال الأمير الوليد بن طلال أنه كان لانهيار سوق الأسهم الذي حدث العام الماضي فوائد جمة لمستقبل الاقتصاد السعودي، فهاهم الناس عادوا إلى التداول ولكن على مستوى اقل وبعضهم اتجه للعقار، كما اختفت الأرباح الخيالية التي كانوا يحققونها بضربة حظ. ويعتقد الوليد أن الكثيرين كانوا بحاجة لتعلم الدرس، لأن كل الناس إعتقدوا أن أحدهم سيصبح مليونيرا أو بليونيرا خلال ليلة وضحاها.
ثلاثة اقتراحات لتنشيط السوق المالي
وقال الأمير الوليد أنه اقترح على وزارة التجارة وهيئة السوق المالية ووزارة المالية ثلاثة اقتراحات:
1. السماح للأجانب افرادا ومؤسسات بالاستثمار في السوق واذا كان هناك تخوف من أن الأجانب سيسيطرون على شركة ما، فبإمكانهم استحداث أوراق مالية تكون مخصصة للأجانب فقط.
2. السماح للشركات بإعادة شراء اسهمها من السوق في حالة هبوط السعر إلى مستوى متدن غير مبرر.
3. زيادة مستوى الشفافية للشركات المدرجة
وقال الأمير الوليد انه من غير المعقول أن يتم تداول شركتين أعلنت افلاسهما مؤخرا (يقصد بيشة وأنعام) بشكل طبيعي في الأيام التي سبقت الإيقاف دون وجود أي إنذار مسبق
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