Saudi billionaire buys 1 percent stake in GM

The Washington Times reports:

The Saudi billionaire with a stake in Citigroup has invested $500 million in General Motors, the U.S. auto giant whose shares returned to trading last week after its bankruptcy and bailout by Washington, his investment company said Tuesday.

Kingdom Holding Co. said Prince Alwaleed bin Talal and KHC's buy-in amounts to 1 perecnt of GM's value, with the decision to invest in the automaker based on "the global strength of General Motors brand, the relatively attractive offering price, and the company's growth prospects in Brazil and China."