Riyadh – Mubasher: Kingdom Holding Company (KHC) on Sunday said it sold its 90% stake in Malaysia-based Four Seasons Resort Langkawi Hotel to Leisure Ventures Pte Ltd. (LVPL) at a value of $90 million.

“Singaporean listed company. The aggregate gross consideration paid by the purchaser for the 90% interest of KHC and the 10% interest of EHC International Limited as the minority shareholder, before the assumption of hotel level third party borrowing, is effectively $90 million,” KHC said in a statement.

This deal is considered “another success” for KHC’s strategy to realise values from its investments across various growth markets, Prince Alwaleed bin Talal said.

 “KHC continues to be a stakeholder in this property through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the resort,” he added.

LVPL is the affiliate of Singapore-based Hotel Properties Limited (HPL).