Kingdom Holding Closes Majority Stake Purchase in Saudi Arabia's Al Hilal Club

Kingdom Holding (SASE:4280) finalized its acquisition of a majority stake in Al Hilal Club Co from Saudi Arabia's Public Investment Fund for a full consideration of 840 million Saudi riyals, in line with the country's Vision 2030 goals.

The Saudi investment holding company now owns 70% of the professional football club following the completion of all necessary approvals and procedures, as well as the full payment of the transaction amount, while the sovereign wealth fund retains the remaining 30%, the companies said in separate Tuesday releases.

Kingdom Holding noted that there are no new costs associated with the deal and the transaction value remains unchanged from the initial announcement in April.

Under the share sale and purchase agreement, the deal has an implied enterprise value of 1.4 billion riyals. The full consideration amount represents 70% of the target entity's equity valuation of 1.2 billion riyals.

The acquisition is part of Kingdom Holding's efforts to expand its presence in the country's sports and entertainment industry. It also supports the Public Investment Fund's strategy of maximizing returns and redeploying capital within the local economy.

"Al-Hilal is a national symbol and a source of pride for the Saudi people. This acquisition expresses our deep belief in the power of sports as a unifying force and a catalyst for national development. By applying our global investment standards and cultivating strategic partnerships, we will unlock Al-Hilal's full potential while preserving its history and identity," Kingdom Holding Chairman Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud said during the announcement of the deal.

In a Tuesday statement, the board of directors of Al Hilal Club welcomed the holding company's role as its principal shareholder, saying the development marks a "new chapter in the club's journey."

Mapletree Investments Snags $500 Million in Equity Commitments for Logistics Fund

Mapletree Investments raked in more than $500 million in equity commitments for the first close of its logistics fund for emerging Asian markets, according to a Tuesday statement.The commitments include $250 million from the first close of the Mapletree Emerging Growth Asia Logistics Private Trust (MEGA), and another $250 million from a joint venture and direct co-investments for Malaysian projects, drawing investors across sovereign wealth funds, a pension fund, and a national investment company.MEGA will fund logistics projects across Malaysia, Vietnam, and India, where an undersupply of institutional-grade logistics space drives demand for modern facilities, Mapletree said.The fund's initial seeded portfolio includes four development projects in Malaysia, one in India, and two warehouses in Vietnam. Once the fund is fully deployed, total investment value is targeted to reach $2.1 billion.MEGA is targeting an internal rate of return targeted above the mid-teens level.Mapletree is looking to raise another $200 million during MEGA's second close by early next year.Among Mapletree's listed trusts is the Mapletree Logistics Trust (SGX:M44U), which handles 175 properties in nine Asia-Pacific markets with a 96.9% occupancy.

^STISGX:M44U

Great Wall Motor August Sales Slip Amid Weak Domestic Demand

Great Wall Motor's (HKG:2333, SHA:601633) August vehicle sales fell 1.9% year over year to 113,396 units, while sales for the first eight months rose 2% to 805,358 units, according to a production and sales update.Overseas sales reached 62,517 units in August, bringing the year-to-date total to 415,958 units.New energy vehicle sales rose to 40,700 units in August, with sales for the first eight months reaching 219,985 units.Among its brands, Haval sales fell 5.7% year over year to 64,960 units in August, while WEY sales declined 8.2% to 7,367 units. Great Wall Pick-up sales fell 7.8% to 12,288 units.ORA sales more than doubled to 11,018 units, up 111% year over year, while TANK sales fell 11% to 17,737 units.Production totaled 118,316 vehicles in August, up 4.5% from a year earlier. Year-to-date production reached 854,229 units, up 8.8%.China's auto market remains under pressure, with July sales falling for a 10th straight month, although the pace of decline eased, as automakers increasingly look overseas for growth amid fierce competition at home.Sales at home fell 21% last month from a year earlier to 1.5 million vehicles, while exports rose 88% to 923,000, data from the China Passenger Car Association (CPCA) showed, according to a Reuters report.The weakness highlights broader strains in China's economy, where sluggish household spending is making exports an increasingly important source of growth.

HKG:2333SHA:601633

BYD's August NEV Sales Jump as Record Exports Offset China Slump

BYD (HKG:1211, SHE:002594) sold 440,293 new energy vehicles in August, a nearly 18% increase from a year earlier, as record exports offset a drop in domestic sales.NEV exports during the month more than doubled to 189,466 units from 80,813 units a year earlier. However, domestic sales shrank to 250,827 units from 292,813 NEVs sold a year earlier.Production volume for the month rose 25% to 440,703 units as the Chinese NEV manufacturer boosted output across its entire product lineup, according to a Hong Kong bourse filing late Tuesday.Despite the August rebound, BYD's year-to-date figures remain in contraction territory, with NEV output falling 4.7% and NEV sales down 6.8%.In contrast, BYD's commercial vehicle output and sales posted double-digit growth in the first eight months of the year.The monthly figures follow BYD's interim results released last week, in which the company reported a 7% year-over-year drop in revenue to 344.8 billion yuan and a 20.5% slump in attributable profit to 12.3 billion yuan.Citing data from the China Association of Automobile Manufacturers (CAAM), BYD at the time said it had consistently led China's NEV exports in the first half."The leapfrog growth of Chinese automotive exports was fundamentally driven by the in-depth cultivation of independent brands on the electrification and intelligentization, the robust foundation of a complete industrial chain, and continuous product iteration," BYD said in its first-half earnings report.However, BYD acknowledged the sluggish demand and intensifying competition at home.Looking ahead to the second half, BYD last week said it expects the transition to NEVs to further accelerate amid high international oil prices and the trend of energy conservation and emission reduction.

HKG:1211SHE:002594

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