Kingdom Holding, the investment company controlled by Saudi Prince Alwaleed bin Talal, has gone with the 8.29 billion Saudi riyals deal to sell half of its stake in Four Seasons global hospitality company.
After the deal was approved by regulators, the Saudi conglomerate has received cash proceeds from the transaction, says the statement to the Saudi stock exchange Tadawul where its shares are traded.
Kingdom Investment Company, which is an affiliate of Kingdom Holding, signed the deal to sell only half – 23.75% – of its shares in the global hotels and resorts operator to FS Washington Acquisition Corporation, retaining the other half after the deal.
According to the statement issued by the Riyadh-based company, whose business interests span sectors from aviation, education, healthcare, e-commerce, and hospitality to real estate, petrochemicals and private equity, the expected gain of SAR 5.9 billion will be recognized in the first quarter of 2022.
It also holds stakes in several international companies including popular ride-sharing companies Uber, Careem, and Lyft, Accor global hospitality company, JD.com, and CitiGrop, and controls Saudi petrochemicals company Tasnee, private aviation company NasJet, Kingdom Hospitals and Kingdom Schools, the digital services company Dareez, and the budget airline flynas.