Saudi’s Kingdom Holding Company (KHC) disclosed that it had invested 1.01 billion riyals ($269 million) in M&G, one of the biggest insurance and asset management firms in Europe listed on the London Stock Exchange.
KHC, which manages assets worth more than 50 billion riyals, stated in a disclosure to the Saudi stock exchange that this investment is in line with its strategy to increase diversification in new and promising sectors.
In May, the Saudi Public Investment Fund (PIF) purchased a 16.87 percent stake in KHC.
Founded in 1848 in the United Kingdom, M&G is one of the largest savings and asset management companies in Europe with more than $370 billion in asset management and serving more than 5 million clients in 28 global markets.
Last year, KHC made a net profit of one billion riyals (about 266.7 million dollars), compared to losses of 1.5 billion riyals (400 million dollars) in 2020.
