11 April 2011
RIYADH: Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the completion of the sale of its 100 percent interest in the Swissotel Kunshan, China, to TA Global Berhad for $60.6 million.
RIYADH: Kingdom Hotel Investments (KHI), a subsidiary of diversified Saudi conglomerate Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the completion of the sale of its 100 percent interest in the Swissotel Kunshan, China, to TA Global Berhad for $60.6 million.
After transaction costs and the repayment of debt, the pretax cash proceeds totaled $42.3 million.
Prince Alwaleed commented: "We are delighted to realize value of this investment amid a buoyant transaction environment in growth markets."
Sarmad Zok, chairman and CEO of KHI and Member of KHC's board of directors, said: "I am very pleased to conclude this transaction and complete a further step in our ongoing strategy of value realization and capital redeployment."
KHI, headquartered in Dubai (UAE), is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.
© Arab News 2011
