Saudi-listed Kingdom Holding Company (KHC) said on Friday that it traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61 million (SAR 228 million).
The transaction’s total value is $151 million (SAR 556 million), the company said, adding that KHC still maintains a 1 percent direct ownership in the Disneyland Paris operator.
“We continue to have confidence in Disney and remain committed to investing in France,” Prince Alwaleed bin Talal, chairman and founder of KHC said in a statement.
Wald Disney Co is seeking full control of Euro Disney after it increased its stake in the underperforming operator of Disneyland Paris through the deal with KHC.
Disney said on Friday it was offering 2 euros per share for any remaining shares in Euro Disney after buying the 9 percent stake from KHC via share swap, raising its holding in Euro Disney to 85.7 percent from 76.7 percent.
Disneyland Paris, which first opened its doors in 1992, has since underperformed and struggled financially after taking too much debt.
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