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Seera Group Holding announces the latest developments regarding Careem Inc's agreement with Uber Technologies Inc to acquire Careem's assets for $3.1 billion

1810
SEERA
-2.54 %
1445/08/24     05/03/2024 09:36:57

Element ListExplanation
Introduction Further to the announcement of Seera Holding Group ("the Group") that Careem Inc ,one of the group’s portfolio companies at that time, reached an agreement on 26 March 2019 with Uber Technologies Inc to acquire Careem's assets for $3.1 billion;

In a statement of the latest developments, the Group announces the completion of the sale of its shares, amounting 1,249,264 shares, in Uber for a total value of SAR 380.0 million, yielding a total additional gain for the group of SAR 164.6 million for the period post 30 September 2023.

It should be noted that the Group's ownership of Uber is the result of Uber's acquisition of Careem, one of the group’s portfolio companies at that time; 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 comes in alignment with the Group's strategy announced on November 8, 2023 which aims to achieve long-term and sustainable returns for its shareholders and maximize the value of its investments in the short and long terms.

Previous Announcement The Group announced that Careem Inc, one of the group’s portfolio companies at that time, reached an agreement on 26 March 2019 with Uber Technologies Inc to acquire Careem's assets for $3.1 billion.
Date of Previous Announcement on Saudi Exchange’s Website 2019-03-26 Corresponding to 1440-07-19
Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here
Latest Developments Of The Announced Event The Group announces the completion of the sale of its shares, amounting 1,249,264 shares, in Uber for a total value of SAR 380.0 million, yielding a total additional gain for the group of SAR 164.6 million for the period post 30 September 2023.
The costs associated with the event, and if they have changed or not with indication of the reasons. N/A

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price 26.85
Net Change -0.7 (-2.54%)
Value Traded (Sar) 52,188,388.95
Volume Traded 1,904,270
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