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LONDON (AP) - Kingdom Hotel Investments, a Dubai-based hotel company majority owned by a billionaire Saudi prince, said Friday that shares will be priced at $9.25 each in its initial public offering, near the top of the offer range and valuing the company at $1.59 billion.
Kingdom, which owns the Four Seasons and Moevenpick hotel chains, had set a price range of $8 to $9.50 for the share offering.
"I am delighted with the response to the offering, which was over 14 times oversubscribed," said Prince Alwaleed bin Talal, the chairman and majority owner of the company. "The interest of investors from across the Middle East and Europe reflects the strength of KHI's management team and strategy as well as the track record they have in establishing landmark assets in high-growth markets."
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