DUBAI, United Arab Emirates (Reuters) -- Saudi Arabia's Prince Al Waleed bin Talal said Monday he has raised his stake in Planet Hollywood Intl. Inc., the restaurant chain promoted and partly owned by such stars as Sylvester Stallone and Arnold Schwarzenegger.
The prince's Kingdom Holding Co. has increased its current stake in Planet Hollywood to about 4% of common shares, up from 1%, according to a statement from his office in the Saudi capital Riyadh.
"The total number of shares purchased to date has a pricetag of more than $57 million," the statement said.
The prince and Planet Hollywood formed a strategic pact last April in which the prince agreed to develop up to 34 Planet restaurant-merchandise units in 23 countries. As part of the deal, he also bought 1% of Planet Hollywood's outstanding common stock.
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