Saudi’s Kingdom Holding buys $62 mln stake in ride-hailing firm Careem

Date:

Carmaker Daimler and Saudi Arabia’s Kingdom Holding, a firm owned by billionaire Prince Alwaleed bin Talal, have taken part in an $150 million investment in Dubai-based ride-hailing
firm Careem.

Thank you for reading this post, don't forget to subscribe!

Venture capital firm DCM Ventures and hedge fund Coatue Management also took park in the Uber-rival’s fundraising, Careem said in a statement.

Kingdom Holding, which said in a separate statement it spent $62 million acquiring an 7.11 percent stake, will receive a seat on Careem’s board.

Emerging markets-focused private equity firm Abraaj Group said it divested its share in Careem as part of Kingdom Holding’s buy in.

Kingdom Holding, which is also an investor in Uber’s U.S. rival Lyft, said the Careem deal would have no material impact on the company’s results and would be reflected in its financial statements from the second quarter.

The latest fundraising for Careem lifts investment in the firm to $500 million from $350 million last December when government-controlled Saudi Telecom Co. (STC) bought into the company.

Careem Chief Executive Mudassir Sheikha told Reuters in March the firm was considering an initial public offering, as well as acquisitions to help it expand.

Careem operates in 12 countries across the Middle East and North Africa, Turkey and Pakistan.

1 COMMENT

Comments are closed.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading