KHC sells Mövenpick Hotels for SAR 749m

Riyadh – Mubasher: Kingdom Holding Company (KHC) has announced generating about a SAR 175 million profit after selling Mövenpick Hotels and Resorts with a total amount of SAR 749 million.

The transaction was implemented on 3 September, while its financial impact will appear in KHC’s third-quarter financial results, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday. 

The Saudi Arabian investment firm last reported a 12.2% profit increase, logging SAR 242.7 million during the second quarter of 2018, compared to SAR 216.3 million in Q2-17.

KHC’s stock inched down 0.57% to close Tuesday at SAR 8.73.

Mubasher Contribution Time: 05-Sep-2018 06:49 (GMT)
Mubasher Last Update Time: 05-Sep-2018 06:56 (GMT)