Qatari Diar buys Fairmont Raffles stake from KHC

05 Apr 2010

(MENAFN) Kingdom Holding Co. (KHC), the investment company owned by Saudi Prince Alwaleed bin Talal, said that it has agreed sell a stake in Fairmont Raffles to Qatari Diar Real Estate Investment Co. in an $847 million deal, Reuters reported.

Kingdom Holding’s stake in Fairmont Raffles dropped to 35 percent after the transaction, according to a company statement to the Saudi bourse. Qatari Diar will hold 40 percent of Fairmont Raffles.

KHC is a public holding company headquartered in Kingdom Centre in Riyadh, Saudi Arabia, and is the largest company in Saudi Arabia. It is headquartered in the city of Riyadh. The company is publicly listed in the Saudi Stock Exchange but only 6 percent of the shares are public, the rest is privately owned with the majority stakeholder, Prince Alwaleed holding 94 percent of shares.

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