Kingdom Holding takes over KHI
Riyadh, May 5, 2010
Kingdom Holding Company (KHC), the investment firm of Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said it has successfully taken over Kingdom Hotel Investments (KHI) after 94 per cent shareholders accepted its $5 per share offer.
KHI, a company based in the Dubai International Financial Centre, has its shares listed on Nasdaq Dubai and its GDSs on the London Stock Exchange.
The offer was made by the KHC's Cayman Islands-based unit, Kingdom 5-KR-211 to acquire all of the shares and GDSs of KHI, said a company statement on Wednesday.
KHC had earlier stated that it received the unanimous recommendation of the Independent Committee of the directors of KHI for their offer.
KHC has received acceptances representing in aggregate approximately 94 per cent of the total issued share capital of KHI. Therefore, the offer has become unconditional in all respects, the company said.
KHI will apply to Nasdaq Dubai for the cancellation of the listing and the cancellation of the trading of the KHI shares and its GDSs on the London Stock Exchange.
Commenting on the results, Prince Alwaleed said: 'We are delighted with the successful completion of the offer to the KHI shareholders so they realize $5 cash value per share. KHI’s business is continuing to perform.'
With respect to the six per cent of remaining shares of KHI, he said the offer would remain open for acceptance until May 18.-TradeArabia News Service