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Alwaleed boosts stake in LBC Sat
- Saudi Arabia: Wednesday, July 09 - 2008 at 11:54
Prince Alwaleed bin Talal bin Abdulaziz Alsaud, chairman of Kingdom Holding Company, has raised his ownership stake in 'LBC Sat' to around 85% by providing a capital increase of $78m. LMH Group, the owner of LBC Sat, the satellite broadcast channel, and PAC, the television broadcast production company, raised its total capitalisation from $25m to $123m, to further fund the long-term development of the Beirut-based group. With this deal, Prince Alwaleed's stake in the LMH Group has increased from 49% to around 85%, said a company official.
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Jeff Florian, Senior ReporterWednesday, July 09 - 2008 at 11:54 UAE local time (GMT+4)
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This article was updated on Sun Jul 13 2008.
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