Saudi Arabia’s Kingdom Holding Company (KHC) has completed the sale of half of its stake in Four Seasons Holding Company with proceeds of SAR 8.29 billion ($2.21 billion).

An expected gain of SAR 5.9 billion will be recognised in the first quarter of 2022, the company said today. 

KHC announced last year that it would sell half its stake or 23.75 percent and retain 23.75 ownership.

The stake was sold through its affiliate Kingdom Investment Company to FS Washington Acquisition Corp, according to a statement to the Saudi Stock Exchange (Tadawul).

Kingdom Holding, the company founded by Saudi Arabia’s Prince Alawal bin Talal, first announced that it had signed an agreement to sell part of its stake to an affiliate of Cascade Investment LLC, a private investment vehicle that holds the assets of Bill Gates, in September 2021.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@lseg.com

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