Saudi prince's Kingdom Holding eyes buyout of hotel
Investment company headed by the Saudi billionaire prince said it wants to buy all shares of Kingdom Hotel Investments
Cairo: The investment company headed by the Saudi billionaire prince with a major Citigroup stake said it wants to buy all shares of Kingdom Hotel Investments (KHI) that it doesn't already own.
In an e-mailed statement on Monday, Kingdom Holding Co., headed by Prince Alwaleed Bin Talal, said its Kingdom K-5-KR211 unit will offer $5 for per share and GDS for the 44 per cent stake it does not already own in in KHI.
It valued KHI at $843 million.
Alwaleed, ranked this month by Forbes as the world's 19th wealthiest billionaire, said the deal offers minority stakeholders short-term liquidity at attractive terms.
KHI, explaining the offer, said while it has a strong balance sheet, its share price has been, and will continue to be affected, by low liquidity and limited trading volumes.
