Saudi Investor Acquires 5.29% of Transamerica
A group headed by Saudi Arabian investor Suliman S. Olayan disclosed Friday that it has acquired a 5.29% stake in Transamerica over the past two years, paying a total of $143 million.
Olayan has a reputation for being a savvy long-term investor who buys securities he views as undervalued. He has been supportive of the managements of the companies in his portfolio.
In Transamerica’s case, Olayan consultant Robert E. Marsh indicated that the stock was bought for investment purposes and that no takeover attempt is planned. “We intend to maintain a hands-off attitude,” he said.
Marsh said that the group might increase or decrease its 4-million-share holding, depending on future valuations. Transamerica closed Friday at $42.625 on the Big Board.
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