Wednesday 17 April 2024

PIF, Seera terminate Almosafer investment talks

RIYADH, March 5, 2024

Seera Group has annnounced that the company and Public Investment Fund (PIF) have agreed to terminate the non-binding term sheet  in relation to PIF’s proposed investment in Almosafer, a wholly owned company of Seera.
The term-sheet signed in September 2022 was terminated due to the inability to reach an agreement between the parties regarding transaction, a filing by Seera on Saudi bourse Tadawul said.
The group, however, reaffirmed its commitment to preserving the value of its assets and optimising its shareholder returns.
Seera Group in its strategy statement announced in November, 2023, said Almosafer is fully self-sufficient, independently generating consistent and profitable growth, having achieved a net booking value of SAR5.691 billion and EBITDA of SAR49 million during the first nine months of 2023 and intends to continue to work within the ecosystem playing a leading and strategic role to achieve the kingdom’s Vision 2030 goals in the tourism. 
Almosafer is set to surpass its historical performance levels and exceed SAR10 billion in booking value by 2025, the filing said. It also noted that the group’s announced strategy also includes listing subsidiaries at the appropriate time.
Meanwhile, in another development, Seera 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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