Kingdom Holding Company signs share swap agreement with French AccorHotels 2 Riyadh

The company explained in a statement posted on the financial market site “Tadawul” today that any of the shares or assets will not be transferred except after the completion of the transaction, which is subject to conditions that should be met including the approval of competent foreign regulators according to the laws protecting American, European and Asian competition governing the deal, approval of the General Assembly of the company of AccorHotels to increase its capital for the issuance of new shares to Kingdom Holding Company, and the Kingdom Holding Company has the right to appoint a member at the Board of Directors of AccorHotels after the General Assembly’s approval of the member.
It is expected to complete the transaction in the second quarter of 2016, and since the completion of the transaction is suspended to the fulfillment of the conditions, the price of stocks and mutual assets will be determined only on the completion date, and that it is not possible to determine the financial impact of this transaction but by the date of completion, and the KHC will announce any developments in a timely manner.
13:27 LOCAL TIME 10:27 GMT