Prince buys 5.9% of Daewoo

Prince buys 5.9% of Daewoo

RIYADH (AFP): Saudi billionaire Prince Walid ibn Talal Abdelaziz announced yesterday the purchase of 5.9 percent of South Korea's Daewoo Corp for US$50.5 million.

In his first investment in the Far East, the prince said his Kingdom Inc. acquired the stake through convertible bonds.

"I find that conditions in the Pacific Rim are now ripe for investment," he said in a statement. "This is the first investment in many to come in the region, and I have great confidence in the Far East."

Prince Walid, who is one of the world's richest businessmen and a nephew of King Fadh, has a wide portfolio of interests, ranging from banks and luxury hotels to designer labels and a music venture with Michael Jackson.

Last week, the 40-year-old billionaire and his son Prince Khaled acquired 30 percent of Moevenpick Hotels and Resorts.