Saudi Prince Buys 5% Stake In Twa

Fri., March 21, 1997

From Staff And Wire Reports

A Saudi Arabian prince known for helping out struggling companies has purchased about 5 percent of Trans World Airlines.

Prince Al-Waleed bin Talal told the airline on Wednesday that he purchased nearly 2.1 million shares on the open market, which at Wednesday’s closing price of $7 a share was worth $14.7 million.

Al-Waleed told TWA Chairman Gerald L. Gitner he had no immediate plans to buy more shares. He also said he supported the effort by management and employees to restore TWA to profitability.

TWA reported this week that it lost $258.6 million in the fourth quarter, and $284.8 million for the year.

TWA said it was pleased by the prince’s interest, but that his investment had no effect on its finances.

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.

Saudi Prince Buys 5% Stake In Twa

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

FEMA official says he teleported to Waffle House. Experts are dubious

Justice Dept. says the Presidential Records Act is unconstitutional

Trump proposes 'historic' defense spending budget, eyes 10% cut to other federal programs