Saudi Kingdom Holding says aims to turn profitable

RIYADH Jan 5 (Reuters) - Saudi-based Kingdom Holding Co 4280.SE aims to turn profitable after the injection of shares in Citigroup (C.N) held by its main shareholder Prince Alwaleed and once it completes a capital reduction of over 40 percent.

"Prince Alwaleed's initiative and the (capital reduction) decision ... will lead the company to profitability and enable it to distribute dividends ... once the board of directors approves it," Kingdom said in an emailed statement on Tuesday.

The Saudi bourse regulator said earlier on Tuesday that it approved a request by Kingdom to reduce its paid-up capital by more than 40 percent. [ID:nLDE60417D]

(Reporting by Souhail Karam; Editing by Firouz Sedarat)