Saudi firm injects $52.37 million into struggling Euro Disney
RIYADH - 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.