Saudi Arabia’s Kingdom Holding buys stake in UK’s M&G Plc

DUBAI (Reuters) – Saudi Arabia’s Kingdom Holding announced on Thursday an investment of 1.01 billion Saudi riyal ($269 million) in UK- listed global insurance and asset management firm M&G Plc.

The company mostly owned by Saudi Arabia’s Prince Alwaleed Bin Talal said the investment in M&G Plc, which has more than $370 billion in assets under management, was aligned with its strategy of investing in global market leaders.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, took a 16.87% stake in Kingdom Holding in May.

($1 = 3.7575 riyals)

(Reporting by Hadeel Al Sayegh; editing by Jason Neely)