Kingdom Holding sells interest in Manila hotels
Saudi investment firm sells stake in Fairmont Hotel and Raffles Suites
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 SR218m ($58.1m), it said on Saturday.
The deal was signed with a unit of the Philippines' Ayala Land Inc and earned an estimated profit of SR22m, 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.