Saudi Arabia's Zahid Group has increased its stake in Dalata Hotel Group to 9.77%.
The news follows August's news that Zahid Group had built up a 4% stake in Dalata worth over €18 million and the subsequent revelation last month that Zahid's stake in the hotel group had increased to 8.05%, valuing it at €44.7 million and making Zahid Dalata's single biggest shareholder.
Current Stake Value
As reported by The Irish Times, with its increase to 9.77%, Zahid's stake in Dalata, which is held through a Luxmebourg-based subsidiary named Perpetua Holding Europe Sarl, is now worth close to €54 million, based on current market prices.
"A Lot Of Good Engagement"
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The Irish Times quotes a Dalata spokesperson as saying that the hotel group has had "a lot of good engagement" with Zahid Group and that Dalata is "delighted to have [Zahid] as a shareholder".
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.