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Seera makes windfall gains from $101m Uber stake sale

Saudi Arabia's Seera sold 1.25 million shares in Uber for SAR380m Creative Commons
Saudi Arabia's Seera sold 1.25 million shares in Uber for SAR380m

Saudi Arabia’s Seera Group Holding has sold its stake in ride-hailing giant Uber Technologies, making more than double in profit.

The travel major, listed on the Saudi bourse, sold 1.25 million shares in Uber for SAR380 million ($101 million), making a substantial gain of SAR164.6 million.

The divestment is part of Seera’s strategy, which was launched last November. It focuses on deleveraging its balance sheet, targeting high-return investment opportunities, and implementing a share buy-back programme.

The Saudi company had sold a stake in Uber worth SAR1.6 billion in 2020. The net proceeds were received partly in cash and partly in convertible notes in Uber, which are subject to the satisfaction of terms and conditions.

In April 2019, Uber acquired Dubai-headquartered ride-hailing company Careem for $3.1 billion. 

Seera, formerly Al Tayyar Travel Group, was one of the early institutional investors in Careem in December 2014.

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