Seera shareholders approve Lumi IPO

Logo of Seera Group Holding

Seera Group Holding approved, during the extraordinary general meeting (EGM) on Dec. 20, the demerger of Lumi Rental Co. from the group and the offering of 16.5 million ordinary shares, or 30% of Lumi's capital, on the Saudi Exchange, Seera said in a statement to Tadawul.

According to data compiled by Argaam, Seera announced in March that it was examining an initial public offering (IPO) of its fully owned subsidiary, Lumi, which operates in providing car rental services.

In November, upon the completion of the IPO examination, the company concluded that the proposed IPO will represent a demerger and, thus, is subject to the shareholders’ approval.

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