Saudi firm injects 49 million euros into Euro Disney

A firm owned by Prince Alwaleed bin Talal said Wednesday it has injected 49.2 million euros ($52.37 million) into the struggling Euro Disney theme park operator under a recapitalization plan.

Riyadh-based Kingdom Holding Co, 95 percent owned by Prince Alwaleed, 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 Euro Disney.

Shareholders in January approved a recapitalization 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.

Caption: A general view of the main entrance to the Disneyland Paris Resort run by EuroDisney S.C.A in Marne-la-Vallee (Saudi Gazette)