Kingdom Holding to buy out hotels unit

Kingdom Holding, which is owned by Saudi billionaire Prince Al-Walid bin Talal, has made a cash offer to buy all outstanding shares in Kingdom Hotel Investments, a subsidiary, valuing the company at $843m. An independent committee set up to oversee the transaction had recommended that shareholders accept the offer of $5 per share or global depository receipt, Kingdom Holding said in a statement. Seventy per cent of shareholders were already committed to the sale, which would take the company back into private hands. Dubai-based KHI has invested in 27 hotels in 18 countries including Kenya, Egypt and Cambodia, reported the Financial Times.