Wednesday 17 April 2024

Seera Group completes sale of shares in Uber

RIYADH, March 5, 2024

Seera Holding Group has announced the completion of the sale of its shares in Uber for a total value of SAR380 million ($101.33 million), yielding a total additional gain for the group of SAR164.6 million, a company filing at Saudi bourse Tadawul said.
The group acquired shares in Uber as the result of Uber's acquisition of Careem, one of the group’s portfolio companies at that time. The deal, reached in March 2019, was worth $3.1 billion. The agreement stipulated that the acquisition value would consist of two parts, the first in cash and the other in the form of convertible notes in Uber that converts within specified periods after meeting certain terms and conditions as stipulated in the acquisition agreement between the two companies.
This divestment of 1,249,264 shares comes in alignment with the Seera's strategy announced on November 8, 2023 which aims to achieve long-term and sustainable returns for its shareholders and maximise the value of its investments in the short and long terms, the filing said. - TradeArabia News Service


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