• August 12, 2022 03:36

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Saudi “Kingdom Holding” sells half of its stake in “Four Seasons” for 8 billion riyals

Sep 9, 2021
Saudi “Kingdom Holding” sells half of its stake in “Four Seasons” for 8 billion riyals

Saudi “Kingdom Holding” sells half of its stake in “Four Seasons” for 8 billion riyals

 

Kingdom Holding Company, owned by Saudi billionaire Prince Al-Waleed bin Talal, announced that one of its subsidiaries has signed a final binding agreement to sell half of its stake in Four Seasons Holding Company, equivalent to 23.75%, in a deal with a total value of 8.29 billion riyals, (the dollar is equivalent to 3.75 riyals). .

The Kingdom said in a statement today, Wednesday, that it had sold the stake to a subsidiary of the Cascade Investments Group, owned by American billionaire Bill Gates, which is the long-term investment partner of Kingdom H o l d ing Company in the Four Seasons Hotel Company.

The deal will be based on a value of 37.5 billion riyals for the Four Seasons hotel company, with immediate cash revenues for the subsidiary of Kingdom Holding Company of 8.287 billion riyals.

K i n g d o m Holding Company expects to achieve immediate profits from this deal before taxes amounting to 5.887 billion riyals, and it is expected that the deal will be completed during January 2022, if the monopoly authority has no objection.

Kingdom H olding confirmed that it continues, through its subsidiary, to own a 23.75% stake in Four Seasons Hotels Company, after completing the deal, while retaining representatives of Kingdom Holding Company on the Board of Directors of Four Seasons Hotels Company.