
A firm owned by a Saudi prince said Wednesday it has injected 49.2 million euros ($52.37 million) into the struggling Euro Disney theme park operator under a recapitalisation plan.
Riyadh-based Kingdom Holding Co, 95 percent owned by the billionaire Prince Alwaleed bin Talal, confirmed its "additional investment in Euro Disney... whereby KHC fully participated in the rights issue" offered by the company which operates Disneyland Paris.
"Thus, KHC maintains its 10 percent share ownership of the company," it said in a statement.
In October last year, Kingdom Holding confirmed a newspaper report that Prince Alwaleed would subscribe to the rights issue to maintain the 10 percent stake, but gave no further details.
Prince Alwaleed is the second-biggest shareholder of money-losing Euro Disney, whose visitor numbers dropped from 16 million to 14.2 million between 2012 and 2014.
Shareholders in January approved a recapitalisation plan to raise one billion euros for the indebted theme park.
They endorsed a series of measures including 420 million euros of fresh funds from the US parent group and majority owner, The Walt Disney Company.
The plan also called for an increase in capital and the conversion of about 600 million euros of debt into equity.
Kingdom Holding's diverse interests include media stakes, banking giant Citigroup, and the Four Seasons Hotel George V Paris along with other French investments.
The firm is listed on the Saudi stock market.
GMT 17:47 2018 Monday ,15 January
‘Negative’ outlook for Gulf sovereign ratings in 2018, says Moody’sGMT 19:27 2018 Sunday ,07 January
UAE pledges to distribute 70% of VAT proceeds to help fund community projectsGMT 19:21 2018 Sunday ,07 January
Surge in foreign fund inflows sets stage for Egyptian boomGMT 19:15 2018 Sunday ,07 January
Iraq to export Kirkuk oil to Iran before January-endGMT 11:35 2018 Wednesday ,03 January
Saudi Food and Drug Authority: No VAT on human medicines, vitamins, and registered medical equipmentGMT 10:00 2018 Wednesday ,03 January
Saudi Customs launches Approved Economic Operator programGMT 07:30 2018 Wednesday ,03 January
Morocco’s 2017 Economic Growth: GDP on the Rise, Investment in DeclineGMT 18:33 2018 Monday ,01 January
No New Year cheer for UAE property market
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor