Kingdom Holding Company's (KHC) board of directors has approved purchasing 4.76 million shares in the U.S. ride-hailing firm Lyft at a total value of SAR 846 million ($225.6 million), the company said in a statement to Tadawul.

 

The purchased shares were owned by KHC's chairman, Prince Waleed Bin Talal.

 

The deal, which will be financed by the company's own resources, will be discussed in the company's next general meeting. It came in line with KHC's strategy aimed to increase investments.

 

The relevant financial impact will reflect on earnings of Q3 2018.

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