Kingdom Holding Co. said it had concluded selling half of its shares in Four Seasons hotels and collected cash proceeds of SR8.29 billion ($2.21 billion) from the sale, according to a bourse filing.
The company, known as KHC, said the expected gain of SR5.9 billion will be recognized in the first quarter of 2022.
KHC will retain a 23.8-percent stake in Four Seasons Holding Inc. by one of its affiliate Kingdom Investment Co.
The company’s decision to sell half its shares in the Four Seasons hotel chain to Bill Gates’ Cascade Investment LLC was taken to generate a return for investors, CEO Talal Al-Mayman said in an interview with Al Arabia last Septmber.
The company, known as KHC, said the expected gain of SR5.9 billion will be recognized in the first quarter of 2022.
KHC will retain a 23.8-percent stake in Four Seasons Holding Inc. by one of its affiliate Kingdom Investment Co.
The company’s decision to sell half its shares in the Four Seasons hotel chain to Bill Gates’ Cascade Investment LLC was taken to generate a return for investors, CEO Talal Al-Mayman said in an interview with Al Arabia last Septmber.
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