Kingdom Holding sells stake in Philippines hotel
JEDDAH, Saudi Arabia, Oct 6 (Reuters) - Saudi Arabia's Kingdom Holding , the investment firm of Saudi billionaire Prince Alwaleed bin Talal, sold its interest in the Fairmont Hotel and Raffles Suites & Residences in Manila for 218 million riyals ($58.1 million), it said on Saturday.
The deal was signed with a unit of the Philippines' Ayala Land Inc and earned an estimated profit of 22 million riyals, Kingdom said.
The Saudi company said it would remain a stakeholder in further stages of the real estate project but did not elaborate on the size of its stake.
Kingdom Holding has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup, it also owns stakes in Rupert Murdoch's News Corp
and microblogging site Twitter.
The firm plans to issue a local currency bond. No date has been set but Banque Saudi Fransi and Deutsche Bank
have been mandated to arrange the deal.
(Reporting by Asma Alsharif; Editing by Andrew Torchia)
Keywords: KINGDOM HOTELS