Dubai: Kingdom Hotel Investments, a subsidiary of Saudi Arabian conglomerate Kingdom Holding Company, said Wednesday it has sold its 43.7 per cent stake in the Four Seasons Hotel in Cairo to Arab Company for Hotel and Tourism Investments for $145 million (Dh532 million).
"We are delighted to realise value of this investment," said Kingdom Holding chairman Prince Al Waleed Bin Talal Bin Abdul Aziz in an emailed statement.
Strategy
"The hotel remains under the management of Four Seasons in which Kingdom Holding holds a 47.5 per cent stake. We continue to be committed to creating and realising value in our investments in Egypt," he added.
Kingdom Hotel Investments Chief Executive Sarmad Zok said the sale was executed in line with the company's stated strategy of value realisation.
"This divesture unlocks significant capital and we will continue to consider the sale of minority stakes to consolidate the portfolio," Zok said.
Kingdom Hotel Investments currently has ownership interests in 26 properties in 19 countries, including 22 operating hotels and resorts, and four hotels and resorts currently under construction.
The Arab Company for Hotel and Tourism Investments is a subsidiary of the Egypt-based Talat Mostafa Group.
Kingdom Holding Company is a public holding company headquartered in Kingdom Centre in Riyadh, Saudi Arabia, and is the largest company in Saudi Arabia. It is controlled by Prince Al Waleed, and is headquartered in Riyadh.
The company is publicly listed in the Saudi Stock Exchange but only 6 per cent of the shares are public, the rest is privately owned with the majority stakeholder, Prince Al Waleed holding 94 per cent shares.
Varied interests
The company describes itself as a diversified investment company, whose interests include banking, real estate, telecommunications, broadcasting and media, entertainment, hospitality, computers and electronics, agriculture, restaurants, upscale fashion, retailing, supermarkets, tourism, travel and automotive manufacturing.
