Kingdom Holding Company signs share swap agreement with French AccorHotels

Riyadh, 28 Safar 1437 AH, December 10, 2015, SPA — Kingdom Holding Company (KHC) has signed an agreement with French AccorHotels company listed on the French financial market.
The company said, ”It was agreed under the convention, that the Kingdom Holding Company will waive the entire stock owned in Fairmont Raffles Hotels International Company, which represents 35.3% of the capital of the company in exchange for the issuance of 16.48 million shares, representing 5.8% in AccorHotels Company in favor of the Kingdom Holding Company after the capital increase, and a cash payment of SR 1.27 billion ($ 339 million) for the Kingdom Holding Company, as well as the Kingdom Holding Company’s obtaining other assets to be determined at a later date.
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13:27 LOCAL TIME 10:27 GMT