Kingdom Holding sells Mövenpick hotels for SAR 749 mln, generates SAR 175 mln in profit

05/09/2018 Argaam

 

Kingdom Holding Co. has completed the sale of Mövenpick Hotels and Resorts to AccorHotels for SAR 749 million, the company said in a bourse filing.

 

The Saudi company generated around SAR 175 million in profit from the sale, which will be reflected on earnings of Q3 2018.

 

In April, Kingdom Holding signed an agreement with its partners to sell Swiss hospitality chain Mövenpick Hotels and Resorts Co. (MHR) to its associate, France’s AccorHotels.

 

Kingdom Holding owns a 33.3 percent stake in MHR through its wholly owned European subsidiary. Meanwhile, the company holds 5.8 percent in AccorHotels.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.