Behind every billionaire there is a story!

Saudis snap up shares despite Islamic edict

share offering by Prince Alwaleed bin Talal’s Kingdom Holding attracted more than double the amount the billionaire wanted as over 1 million Saudis ignored Islamic religious edicts against the sale.

Saudi retail investors and institutional investors offered 8.53 billion riyals ($2.9 billion) for the 5 per cent stake in Kingdom Holding.

More than 1.25 million Saudis applied to buy shares in the initial public offering of 315 million existing shares at 10.25 riyals each, valuing the company at US$17.2 billion ($21.5 billion).

read the rest published by NZ Herald here:

http://www.nzherald.co.nz/category/story.cfm?c_id=301&objectid=10453377