Seera sells stake in Uber, gains SAR 164.6M

Logo of Seera Group Holding

Seera Group Holding finalized the sale of its 1.25 million shares in Uber for SAR 380 million.

The group made a total additional gain of SAR 164.6 million for the period post-Sept. 30, 2023, Seera said in a statement to Tadawul.

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The group's ownership in Uber stemmed from Uber's acquisition of Careem, one of the group’s portfolio companies at that time. The agreement stipulated that the acquisition value should be divided into cash and convertible notes in Uber within specified periods after meeting certain terms and conditions as defined in the agreement between both parties.

The divestment aligns with Seera’s strategy, as announced on Nov. 8, 2023, which aims to achieve long-term and sustainable returns for shareholders and maximized value of investments in the short and long terms.

In April 2019, Seera said that its affiliate, Careem agreed with Uber Technologies to acquire Careem’s assets for $3.1 billion, Argaam earlier reported.