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Sat 1 Nov 2008 02:26 PM

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IFA HR in stake swap deal with Kingdom

Kuwait-based firm transferred minority interests in three properties with Saudi's KHI.

IFA Hotels and Resorts (IFA HR) has done three share transfers with Kingdom Hotel Investments (KHI) worth $15.3 million, the company said on Saturday.

Kuwait-based IFA HR said the two companies had transferred minority interests in properties in Kenya, Zanzibar and Dubai.

IFA has transferred its interests in five hotels in Kenya to KHI, while KHI has transferred its  interest in the Fairmont Zanzibar and the Fairmont Palm Hotel and Resort in Dubai to IFA HR, it said.

Ibrahim Saleh Al-Therban, chairman of IFA HR, said in a statement the company was "consolidating our portfolio by taking majority ownership in our properties worldwide".

IFA HR has resorts or projects in 14 countries including Dubai, the UK, the US, Portugal, South Africa, Thailand and the Seychelles.

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