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Mohammed Al – Subhi (Jeddah)
Ober has reached an agreement to purchase $ 3.1 billion from its biggest rival of passenger services in the Middle East, Karim, the two companies said in a statement. Karim will continue to operate under its own brands as a subsidiary of Ober and will continue to be managed by Mister Sheikha as Executive Director. The applications of both companies will continue to operate under their distinct brands.
"It is too early to talk about how to use the proceeds from the sale of Karim's stake in Karim's capital after its acquisition by Ober," said Karim Al-Daoud, general manager of Karim Al-Daoud. Al Tayyar Travel Group, in an interview with Al Arabiya.
Commenting on the acquisition of its stake in Karim, Al-Dowood said: "A portion of the cash will be acquired through convertible bonds at Ober, after offering 60% in cash and 40% in bonds convertible after the IPO of Ober.
Driver: our profits are 1.78 billion riyals
The group Al Tayyar announced that the acquisition of Karim's business was subject to the approval of the supervisory authorities in all countries where the company operates. The transaction is expected to close in the first quarter of 2020.
As a result of this transaction, Al Tayyar Travel Group is expected to make a total profit of 1.78 billion rupees.
1.03 billion profit
Saudi Telecom (STC) announced that its share of the acquisition would be approximately $ 274 million (Rs. 1.03 billion), a cash portion and a portion of convertible bonds in Uber, with a definitive split at the end of the transaction.
In January 2017, she invested $ 100 million in Karim. In addition to direct investments, the company has invested in Karim through its own investment fund, the Saudi Telecom Fund, which holds 6.4% of the capital. Which has a participation of 2.9%.
Kingdom Holding gains 1.25 billion riyals
Kingdom Holding Company announced that it had finalized the sale of its shares in Karim to Ober as part of a transaction worth 1.25 billion rupees as part of the program. acquisition of Karim by Ober.
The terms of the transaction include RS 565 million in cash, as well as the acquisition of convertible bonds at Ober for SAR 685 million.
The book value of the asset is RS 765 million The expected impact of the transaction on the company and its activities includes a profit of 485 million SAR and will have an impact in the first quarter of 2019.
How did Karim start?
Karim, the leading land-based transport technology brand based in Dubai since 2012, has achieved record achievements ranging from $ 100,000 to $ 1 billion.
Karim, founded in 2012 by Mather Sheikha (Pakistan), Magnus Olsen (Sweden) and Abdullah Elias (Saudi Arabia), valued at only USD 100,000, started her career in Dubai with a car rental office. .
During his first year of existence, Karim faced a major problem, namely the lack of credit cards available to his clients. He was therefore the first to accept cash payments.
Ober is an American multinational company based in San Francisco, California.
Developed the concept of traditional taxi, to create a smart phone application facilitating the transfer process and to implement Ober mobile phones, which allows smartphone users to request a trip.
Its services are available in 449 cities in more than 66 countries around the world and, since its launch, many other companies have replicated the Ober model.
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