Al Waleed's Kingdom buys $500m GM stake

New York: Saudi Prince Al Waleed Bin Talal and his Kingdom Holding Co. bought $500 million (Dh1.8 billion) of General Motors Co shares through the automaker's initial public offering.

The 1 per cent stake in GM was acquired because of "the global strength of General Motors brand, the relatively attractive offering price, and the company's growth prospects in Brazil and China," the company said yesterday.

Kuwait Investment Authoritydecided against buying GM shares after the sale price was raised.