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Saudi KHC sells half stake in Four Seasons Holding

Saudi KHC sells half stake in Four Seasons Holding

Saudi Arabia’s Kingdom Holding Company (KHC) on Wednesday announced the completion of selling half of its stake in Four Seasons Holding Company with proceeds of SAR 8.29 billion ($2.21 billion), Zawya reported.

Accordingly, an expected gain of SAR 5.9 billion will be recognized in the first quarter (Q1) of 2022, KHC said.

The stake has been sold through KHC’s affiliate Kingdom Investment Company to FS Washington Acquisition Corp, according to a statement to the Saudi Stock Exchange (Tadawul).

In 2020, KHC announced plans to sell half its stake or 23.75% and retain 23.75% ownership.

Founded by Saudi Prince Alawal bin Talal, KHC first announced that it had signed an agreement to sell part of its stake to an affiliate of Cascade Investment LLC, a private investment vehicle that holds the assets of Bill Gates, in September 2021.

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