Prince Al Waleed offers to buy shares in Kingdom Hotel Investments
Saudi billionaire Prince Alwaleed bin Talal’s investment firm, Kingdom Holding Company, has offered to buy the remaining shares in Kingdom Hotel Investments (KHI) for $843 million. Kingdom Holding has offered $5 a share for a 44 per cent stake in KHI. The offer has already been approved by a committee at the Kingdom Hotel.
“The offer allows our minority shareholders the opportunity to crystallise cash value at a premium to the level at which KHI’s shares have been trading historically,” said the committee. “Limited liquidity and low trading volumes have affected and are likely to continue to affect the share price,” it added.
Meanwhile, according to a report released on Monday, Kingdom Hotel reported a 27 per cent increase in profit ($21.8m).
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