Chairman Prince Alwaleed bin Talal agrees to buy more than 4.7 million shares in US company
Kingdom Holding has given the green light to buy more than 4.7 million shares in US ride-hailing company Lyft worth SAR 846 million ($225.45 million).
A statement to the Saudi bourse Tadawul said approval had been given for the purchase by Kingdom Holding chairman Prince Alwaleed bin Talal. It also said the deal was completed with no preferential terms.
Based in California, Lyft was launched in 2012 as a rival to Uber, operating only in the US and Canada, and was valued at $24.3 billion in the first initial public offering (IPO) of a ride hailing startup in March.
Kingdom Holding is also one of the investors in Careem, which was sold to Uber in March for $3.1 billion. The deal was approved by the UAE’s Minister of Economy, Sultan bin Saeed Al Mansouri, earlier this month.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.