International Hotel Investments plc is considering investment opportunities in hotels and real estate in various countries around the world, including central Asia, the Middle East, Russia and Europe.

The opportunities are being evaluated and pursued in the light of the imminent injection of fresh capital by way of a cash investment in IHI – to the tune of e178 million – by Istithmar Hotels FZE of Dubai, an IHI statement said yesterday.

The majority of the conditions required for the subscription to new shares by Istithmar Hotels have already been met and the formal issue of the shares in question is anticipated in the coming weeks.

On this basis, the formal closing of the share issue to Istithmar is expected to be completed in May, and to this end, each of the parties to the subscription agreement signed on 5 December 2006 has extended commitments to the fulfilment of obligations, IHI said.

On closing of the transaction, IHI is also issuing five million bonus shares to current shareholders, as per the terms and conditions as approved at the extraordinary general meeting of 31 January 2007.

Meanwhile, Istithmar’s directors have already taken an active role in the company, attending and participating fully in each of the IHI board meetings that have taken place since the signing of the subscription agreement in December.