Saudi billionaire raises shares in Planet Hollywood

Saudi billionaire Prince al-Walid Bin Talal on Monday raised his share in Planet Hollywood International Incorporated from one percent to four percent, a statement released by the prince's office in Riyadh said.

In April 1997, Prince al-Walid Bin Talal and Planet Hollywood signed a strategic contract providing for the Saudi billionaire to build 34 Planet Hollywood restaurants in 23 countries. The prince also has extensive investments in banks, hotels, radio stations, airlines companies, computers, cars and real estate.