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January 12, 1993 | From Times Staff and Wire Reports
Saudis Buy Stake in Saks: United Saudi Commercial Bank said it has bought a $100-million stake in Saks Fifth Ave. on behalf of a group of Saudi investors that includes Saudi Prince al-Walid, the largest individual stockholder in New York-based Citicorp. Saudi bank officials said the stake represents more than 11% of the total book value of the fashion retailer, which was put at $900 million. They said the bank bought the stake on Dec.
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BUSINESS
January 12, 1993 | From Times Staff and Wire Reports
Saudis Buy Stake in Saks: United Saudi Commercial Bank said it has bought a $100-million stake in Saks Fifth Ave. on behalf of a group of Saudi investors that includes Saudi Prince al-Walid, the largest individual stockholder in New York-based Citicorp. Saudi bank officials said the stake represents more than 11% of the total book value of the fashion retailer, which was put at $900 million. They said the bank bought the stake on Dec.
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