March 29, 2018 / 1:36 PM / 3 months ago

Saudi Prince Alwaleed cedes cash distributions from Kingdom Holding

RIYADH, March 29 (Reuters) - Saudi Prince Alwaleed bin Talal, chairman of Kingdom Holding, has given up full entitlement of his share of proposed annual cash distributions, the company said in a bourse filing on Thursday.

Prince Alwaleed, the kingdom’s most recognised business figure, was freed on Jan. 27 after being held at Riyadh’s Ritz-Carlton for three months in a campaign against corruption led by Crown Prince Mohammed bin Salman.

“Prince Alwaleed gave up his full entitlement of his share of the proposed annual cash distributions, which totaled ... 8.50 halalas per share (or) 299.2 million Saudi riyals ($79.8 million) quarterly,” the filing said. (Reporting by Marwa Rashad; Editing by Alexandra Hudson)

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