Mubasher: The shareholders of the recent acquisition of FRHI Holdings Limited (FRHI) have approved the resolution finalizing FRHI acquisition and the corresponding share capital increase reserved for the Qatar Investment Authority (QIA) and Kingdom Holding Company (KHC), as well as their representation on the board.

 The shareholders also approved the appointment of six new directors; Aziz Aluthman Fakhroo and Ali Bouzarif of QIA, Sarmad Zok of KHC, and Jiang Qiong Er, Isabelle Simon and Natacha Valla as independent directors. 

“The Board of Directors now has 16 members, including one employee representative director. Seven directors are women and 9 are independent. A new employee representative director will be appointed by the Group’s European Work Council within the next few weeks, in accordance with the company’s bylaws,” according to an issued statement. 

Subject to individual shareholder agreements between Accor and each of QIA and KHC, changes in the group’s shareholder structure and in the composition of its board will be by setting out the principles and objectives of their individual shareholdings. 

“The 6 new Board members who have been appointed by our shareholders today are bringing tremendous diversity and experience to AccorHotels’ Board,” said Chairman and CEO of AccorHotels Sébastien Bazin.

QIA said that “The acquisition of FRHI positions AccorHotels as a key player in the luxury hospitality industry and strengthens its positioning as the world's leading hotel operator.”

“The combination of FRHI with AccorHotels is a milestone transaction in the hospitality sector at a time when the industry is undergoing major structural changes characterized by consolidation, consumer empowerment, disruptive technology, and distribution channels,” said Chairman and CEO of Kingdom Hotel Investments and Member of KHC’s board Sarmad Zok.