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FINANCIAL NEWS
Saudi KHC sells land for USD66.7m
08 Oct 2012
(MENAFN) Kingdom Holding Company (KHC), chaired by Saudi billionaire Prince Alwaleed bin Talal, has sold a plot of land in Riyadh to Subul Development for USD66.66 million, Reuters reported.
KHC said it sold 970,000 square metres of Kingdom Projects land located east of Riyadh, and expected to add USD38.3 million profit from the sale to its third quarter balance sheet.
Earlier this month, KHC sold its stake in the Fairmont Hotel and Raffles Suites & Residences in Manila for USD58.1 million.
The firm, which owns stakes in Rupert Murdoch’s News Corp and microblogging site Twitter, is planning to raise up to USD500 million from a syndicated loan to refinance existing debt.
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