Kingdom Hotel Investments Announces Flotation On Dubai Stock Exchange And LSE
Kingdom Hotel Investments said it plans an initial public offering on the Dubai International Financial Exchange, with a listing of global depository shares on the London Stock Exchange.
The luxury hotel and resort company, chaired by Saudi prince Alwaleed, is focused on the Middle East and Africa and has interests in 26 hotels around the world, managed by Four Seasons, Fairmont and Movenpick.
It said it will use the money generated by the IPO to finance further acquisitions and hotel developments.
The company's revenue increased 40 pct to 43.7 mln usd in the first nine months of 2005 compared with the same period in 2004, and net income increased 47 pct to 8.2 mln usd in the same period.
Chief executive Sarmad Zok said: 'We are keen to continue to maximise the growth potential of the business and exploit in full the opportunities we have identified.'
The depository shares will each be worth one share listed on the Dubai exchange.