Details of a potential deal for the Investment Fund to buy 30% of “Al Musafir” company… and disclose its value

Al-Marsad newspaper: The Seera Group issued a statement announcing its conclusion yesterday (Monday) of the non-binding conditions document with the Public Investment Fund regarding the proposed investment of the fund in Al-Mosafer Travel and Tourism Company (a company wholly owned by Seera).

The company said in a statement to “Tadawul” that Al-Mosafer Company currently owns – or intends to own as part of the deal – a number of Seera’s subsidiaries operating in the travel and tourism sector (travel services related to individuals, companies, management of tourist destinations, Hajj and Umrah).

She indicated during the statement that the amount to be invested by the fund is based on an initial total value of 3.75 billion riyals for Al-Mosafer and related subsidiaries.

She pointed out that the fund wants to own 30% of the Al-Mosafer Company, in return for a total investment amount that may reach 1.554 billion riyals (which includes a possible additional amount that may reach 386 million riyals) to be paid to the Al-Mosafer Company to subscribe to new shares issued by the Al-Mosafer Company.

She explained that paying the potential additional amount to the traveler is conditional on achieving performance indicators for the fiscal years 2023 and 2024, which will be agreed upon between the two parties.