Saudi billionaire Prince Alwaleed has bought more than $1 billion worth of shares in Citigroup, AOL Time Warner and Priceline.com over the past six months, his company said on Monday.
The prince, among the world's wealthiest men, bought $500 million in Citigroup, $450 million in AOL Time Warner and $100 million in Priceline.com. With around $10 billion in Citigroup, Alwaleed was already the biggest shareholder in the bank.
"At about $43, Citi's share price was at too attractive a price," the prince said in a statement issued by his company Kingdom Holdings. The prince also found AOL Time Warner price attractive at $23 a share.
"I believe in the power of the AOL brand and I am already a shareholder in this global media giant. Therefore when the price reached a lucrative level, we decided to increase our stake," the prince said, without giving exact figures on his AOL holdings.
His holdings in Internet commerce company Priceline.com currently stand at 5.4 percent, he added.
Alwaleed, a nephew of Saudi Arabia's King Fahd, has a personal fortune estimated at $20 billion, the bulk of which is invested in the United States.
News source: Reuters
The prince, among the world's wealthiest men, bought $500 million in Citigroup, $450 million in AOL Time Warner and $100 million in Priceline.com. With around $10 billion in Citigroup, Alwaleed was already the biggest shareholder in the bank.
"At about $43, Citi's share price was at too attractive a price," the prince said in a statement issued by his company Kingdom Holdings. The prince also found AOL Time Warner price attractive at $23 a share.
"I believe in the power of the AOL brand and I am already a shareholder in this global media giant. Therefore when the price reached a lucrative level, we decided to increase our stake," the prince said, without giving exact figures on his AOL holdings.
His holdings in Internet commerce company Priceline.com currently stand at 5.4 percent, he added.
Alwaleed, a nephew of Saudi Arabia's King Fahd, has a personal fortune estimated at $20 billion, the bulk of which is invested in the United States.
News source: Reuters
Mexicans are also expected to warmly embrace broadband technologies over the next five years. Revenue derived from ADSL (Asynchronous Digital Subscriber Line) service and from cable modem connections will increase at a compound annual rate of 85 percent and 35 percent, respectively, the Yankee Group said this week. ADSL and cable modem are broadband technologies that let users connect to the Internet at much higher speeds than are possible using regular dial-up service.
Consumers and small and medium-size businesses are the primary market for these two technologies, because service costs less than the dedicated lines large companies lease from carriers for high-speed Internet connections. Revenue from leased lines will actually drop at a compound rate of 2 percent over the same time period in México, according to the Yankee Group.
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