Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- KHI sells interest in Movenpick Phuket for $ 90 m  Join our daily free Newsletter

MENAFN - Arab News - 10/06/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Kingdom Hotel Investments (KHI) has signed a deal to sell its interest in Movenpick Resort & Spa Karon Beach Phuket in Thailand.
KHI, a wholly owned subsidiary of the Saudi Arabian conglomerate Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, signed the agreement with Crystal Caliber Sdn Bhd, a wholly owned subsidiary of Malaysia based TA Global Bhd, concerning the sale of KHI's 100 percent interest in Movenpick Phuket for a gross consideration of 90 million.

The transaction closed on May 31.

KHI had sold the Swissotel Kunshan to TA Global in January 2011, for a gross consideration of around 61 million.

Prince Alwaleed said: "This transaction marks yet another success for KHI's value realization strategy from growth market investments."

Sarmad Zok, chairman and CEO of KHI and member of KHC's Board of directors, commented: "We are delighted to partner with TA Global on yet another successful transaction."

He added: "The sale of the Movenpick Phuket further adds to KHI's orderly value realization and capital redeployment record. The seamless transaction is also testimony to the quality of our assets and our team execution, and an evidence of the buoyant M&A environment in growth markets."

KHI, headquartered in Dubai, is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa.

The company has ownership interests in 21 properties in 14 countries, including 19 operating hotels and resorts, and two currently under construction.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help