Kingdom Holding Company announced today Wednesday that one of its subsidiaries has signed an agreement to sell half of its stake in Four Seasons Holding Company, accounting for 23.75%, for a total value of 8.29 billion riyals, while retaining 23.75% ownership of Four Seasons Holding Company.
Kingdom Holding stated in a statement on “Saudi Tadawul” that implementation of the agreement is conditional on obtaining regulatory approvals and completing sales procedures.
He added that the other party to the deal is a subsidiary of Cascade Investments. He stated that the book value of the asset is 2.25 billion riyals.
Kingdom Holding has indicated that its subsidiary is engaged in management and investment in branded hotels, resorts and residential projects in Worldwide.
He added that the financial impact of the deal on the Kingdom Company and its operations is cash flows of 8.29 billion riyals, as well as earnings of 5.9 billion riyals. The deal is expected to be completed in January 2022.
Kingdom Holding said it will use the proceeds of the sale for the company’s future investments and repay some of the existing loans.
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