Saudi prince buys a large piece of Korean conglomerate
Saudi Arabia, Business, 10/16/1997

The Saudi businessman Prince Al Walid Bin Talal bought 6% of the shares of the Korean company Daewo, the shares he bought are worth $50 million.

Sources close to the Daewo Group stated that the prince signed the deal with the management of the company without going to the Korean bourse. The sources added that this deal is a very successful one for the Saudi businessman as he received the shares at a price lower than the actual price by 70% due to the decrease of the prices of the company's shares on the one hand, and due to the devaluation in the Korean currency on the other side.

The sources considered the move by a big international businessman like the Saudi Prince to Korea as a positive indicator that the southeast Asian markets will recover their strength after their recent deterioration.

A statement by the holding company owned by Prince Al Walid, his son Khaled and Princess Reem mentioned that the production of the Daewo Group represents 9% of the gross national product of Korea and that the sales of the company reached $41 billion last year.

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