Kingdom Hotels announces shares buyback plan

Company owned by Saudi Prince is to hold extraordinary meeting on Nov 10.
Kingdom Hotels announces shares buyback plan
By Andy Sambidge
Sun 19 Oct 2008 11:22 AM

Kingdom Hotel Investments, the company controlled by Saudi Prince Alwaleed bin Talal, has announced plans to buy back its shares.

Company chiefs will hold an extraordinary general meeting of shareholders on November 10 at its Dubai offices to discuss the buyback proposal, the company said in a statement to the Dubai International Financial Exchange.

Kingdom has holdings in 31 upscale hotels and resorts in 20 countries, including eight that are under construction.

Its hotels are managed by partners such as Fairmont Hotels and Resorts Inc and Movenpick Holding AG.

The company's shares, which are traded on the Dubai International Financial Exchange and the London Stock Exchange, have dropped 24.2 percent this year to $6.30.

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