National Projects' capital increase of International Hotel Investments oversubscribed by 96 million shares

The shares in the capital increase have been oversubscribed by 96 million shares.

The International Hotel Investments Co. is a five star hotel developer and operator under the Corinthia brand and is a publicly traded company in the Malta Stock Exchange with an original capital of Euro 140 million. National Projects Holding Co. has raised funds for growth and in order to acquire new hotels, primarily in cities such as Moscow, Kiev and Belgrade as well as other major European cities. The new capital will be above Euro 400 million, with the decision to bring in two other hotels for shares in kind, those being the Bab Africa Hotel in Libya and the Towers Hotel in the Czech Republic.

'The oversubscription of the shares shows the market's appetite for asset backed investments in diverse markets,' said Musaed Al-Saleh, Vice-Chairman & CEO of National Projects Holding Co.

'It should be noted that the portfolio of assets within the International Hotel Investments Co. range in geography and are located in cities such as Budapest, St. Petersburg, Lisbon, St. Julians, Tripoli and Prague.'

Istithmar Hotels, a subsidiary of Istithmar, was the major investor along with other GCC investors including the National Real Estate Co., National Projects Holding Co., Bayan Investments Co., Musaad Al-Saleh Group and other institutions.