5th Jul 2005 16:45
HSBC Holdings PLC05 July 2005 HSBC AND HRH PRINCE ALWALEED IBN TALAL ALSAUD ESTABLISH JOINT VENTURE TO INVEST IN AFRICA HSBC Holdings plc ('HSBC') and His Royal Highness Prince Alwaleed ibn Talalalsaud ('HRH Prince Alwaleed') have established a 50:50 joint venture to respondto growing investment opportunities in sub-Saharan Africa. Each party willinvest up to US$200 million in promising businesses in the region. HSBC has entered into this agreement through its wholly-owned subsidiary, HSBCInvestment Bank Holdings plc. HRH Prince Alwaleed is acting through a companythat forms part of his Kingdom Group. The joint venture will invest in growth companies in a broad variety of sectorsacross Africa. Investments will be made through a limited liability partnershipto be named HSBC Kingdom Africa Investments (Cayman) LP. The partnership and itsinvestments will be managed by a joint venture company and each party will havean equal number of representatives on the Board of that company and itsinvestment committee. Stephen Green, Group Chief Executive of HSBC Holdings plc, said: "HSBC has along and successful history of involvement in emerging markets around the world.We are particularly pleased to be a part of this venture which aims to engage inthe development of infrastructure and economic activity in Africa. We areexcited by the prospect of being able to invest in this region alongside someoneof Prince Alwaleed's experience, knowledge and stature, and we look forward toworking together." HRH Prince Alwaleed said: "Africa has enormous potential in multiple economicsectors and is a major priority for me. This joint venture with HSBC will act tobuild business and trade flows both regionally and globally by jointly using ourskills, contacts, organisations and equity." Notes to editors: 1. The HSBC Group HSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110 million customers worldwide from over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,277 billion at 31 December 2004, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'. 2. HRH Prince Alwaleed bin Talal's Investments HRH Prince Alwaleed is the Chairman of Kingdom 5-KR-143, Ltd. HRH Prince Alwaleed's privately-owned investment arm, Kingdom Holding Company (KHC), was founded in 1980. KHC and HRH Prince Alwaleed have been involved in the creation of a diversified portfolio of strategic stakes in well-known companies around the world, in multiple sectors covering banking, media, telecommunications, technology, construction and real estate, entertainment, upscale fashion, retailing, supermarkets, tourism, hotels and resorts, travel and automotive manufacturing. Significant investments include interests in Citigroup, Four Seasons Hotels & Resorts, the George V hotel in Paris, Fairmont Hotels and Resorts, Movenpick Hotels and Resorts, News Corp., Time Warner, Motorola, Apple Computers Inc., Ballast Nedam, Canary Wharf, Disneyland-Paris, Saks Inc., Samba Financial Group, Procter and Gamble, Amazon.com, Four Seasons London, Ford Motor Company, Kodak Corporation, Rotana Video and Audio Visual and Kingdom Center. Investments outside of the Kingdom of Saudi Arabia are held by HRH Prince Alwaleed or by Trusts for the benefit of HRH Prince Alwaleed and his family. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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