Seera, a travel and tourism holding company that is listed on the Saudi Stock Exchange, has announced that it has entered into a non-binding document of terms with the State Investment Fund (Saudi Arabia’s sovereign) to purchase the final 30% “ Al-Mosafer, owned by Sera, for 1. 55 billion rials ($413 million).
The agreement includes 386 million riyals ($103 million) to be paid to Al-Mosafer to subscribe for new shares issued by the company, according to the company’s announcement on the local stock exchange.
The company said the amount the fund is investing (including a potential additional amount) is based on an initial total value of 3.75 billion riyals (before the investment amount) of Al-Mosafer and its associated subsidiaries.
She explained that a potential additional amount of 386 million riyals would be paid to Al-Mosafer, subject to the achievement of the agreed performance targets for fiscal years 2023 and 2024.
She added that if both parties decide to proceed with the deal, Al-Mosafer intends to use the investment amount to fund programs to expand and expand its business, among other things, by investing in tourism assets and products (including modern technology) and enhancing the customer and tourist experience. coming to Saudi Arabia.
Source: El Iktisad
