Indian hospitality chain Oberoi Hotels Pvt Ltd has sold its entire 6.84 per cent stake in Nepal’s Soaltee Hotel Ltd to Sibkrim Land and Industrial Company Pvt Ltd, for a consideration of $1.68 million, the company has said in a statement.
A total of 14,924,063 shares owned by Oberoi Hotels were transferred at Rs 140 per unit.
Khaitan & Co LLP was the official advisor for Oberoi Hotels.
While Soaltee Enterprises owns the largest stake in Soaltee Hotel, Nepal Airlines Corporation holds 12 per cent stake and Holiday Inn Investment Nepal, a subsidiary of Holiday Inn, has around 10 per cent stake. Soaltee posted a profit of around Rs 110 million during FY2010-2011 and currently employees 700 people.