Kingdom Holding Company (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has sold its 90% stake in the Four Seasons Resort Langkawi, Malaysia.
The company announced that the stake has been sold to Leisure Ventures Pte Ltd, an affiliate of Hotel Properties Limited, a Singaporean listed company in a deal worth $90 million.
Prince Alwaleed said: “This transaction marks yet another success for KHC’s value realisation strategy from growth market investments.
“KHC continues to be a stakeholder in this property through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the resort.”
Based in Riyadh, KHC also holds interests in marquee properties such as the George V in Paris, the Plaza Hotel in New York and London’s Savoy Hotel. Its global hotel brands include the Four Seasons, Fairmont Raffles, Movenpick, Swissotel and Accor.
Last week, Prince Alwaleed said he will buy about half of Credit Agricole’s stake in Banque Saudi Fransi, in a deal valued at $1.54 billion.
Alwaleed signed an agreement through Kingdom Holding to buy 195.3 million Saudi Fransi shares at 29.5 riyals each ($7.87), according to a statement on the Saudi stock exchange.
The deal, expected to close this year, will give Kingdom a 16.2% stake in Fransi, making Alwaleed the biggest single investor in Saudi Arabia’s fifth largest lender.