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Sun 15 Jan 2012 11:02 AM

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Kingdom Holding sells off hotel stakes in $93m deal

Prince Alwaleed’s investment firm inks deal for Four Seasons in Jakarta, Dar es Salaam

Kingdom Holding sells off hotel stakes in $93m deal
Saudi Prince Alwaleed bin Talal, chairman of Kingdom Holding

Saudi-based
Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, said
Sunday it has sold its stakes in two Four Seasons hotels in a deal worth $93m.

The
firm, which held an 82 percent stake in the Four Seasons Hotel, Jakarta and a
96 percent stake in the Mövenpick Dar es Salaam, said the deal was completed in
the fourth quarter.

“These
transactions mark yet another step for KHI towards the realisation of the value
of its investments,” Prince Alwaleed said in an emailed statement.

Kingdom,
95-percent owned by Prince Alwaleed, the nephew of Saudi’s King Abdullah, has stakes
in some of the world's top companies including Citigroup and the Four Seasons.

Prince
Alwaleed last month invested $300m to buy a “strategic stake” in popular social
networking site Twitter, after months of negotiations.

Kingdom
Holding said in October its third-quarter profit had increased 23.6 percent to
SR197.7m ($52.7m) from SR160m a year earlier.

Income
for the nine months period rose more than 16 percent to SR498.2m, the company
said.

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