Kingdom Holding rescues The Magic Kingdom: Euro Disney gets another Saudi cash injection

Kingdom Holding rescues The Magic Kingdom: Euro Disney gets another Saudi cash injection
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Published November 18th, 2015 - 16:22 GMT via SyndiGate.info

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Last year, Euro Disney reported debts of about 1.7 billion euros. (Pixshark)
Last year, Euro Disney reported debts of about 1.7 billion euros. (Pixshark)
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Kingdom Holding Company (KHC), which is 95 percent owned by Saudi Arabian billionaire Prince Alwaleed bin Talal, has announced a $52.37 million injection (49.2 million euros) into the ailing Euro Disney, the company which operates the Disneyland Paris theme park.

The announcement comes a year after KHC announced that it would join a $1.3B bailout effort alongside the Walt Disney Company, the majority shareholder. The bailout agreement included a 420 million euro cash injection and debt elimination via a 600 million equity swap.

Since its opening in 1992, Euro Disney has struggle to turn a profit, despite being Europe's top private tourist destination.

KHC is the second biggest shareholder of Euro Disney, with 10 percent share ownership.

Kingdom Holding’s vast portfolio includes Citigroup, Movenpick Hotels & Resorts and the Four Seasons Hotel. Last month Prince Al Waleed bin Talal became Twitter's second largest investor.

 

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