Growth Opportunities sells 21% stake in Theeb Rent a Car to institutional investors

Logo of Theeb Rent a Car Co.

EFG Hermes and Saudi Fransi Capital, in their capacity as bookrunners and brokers for Growth Opportunities Co., executed the sale of the company's entire stake in Theeb Rent a Car Co., through accelerated book building process.

The sale process was executed on 9.03 million shares, representing 21% of Theeb's total shares, according to a statement from Saudi Fransi Capital.

The shares were offered to a group of institutional investors, and they were executed through 19 negotiated deals at a price of SAR 53 per share, thus bringing the deal's value to SAR 478.6 million.

Upon completion of the sale, the free float percentage of Theeb's total shares rose to 63.45%, while other major shareholders held the remaining 36.55%.

The negotiated deals were executed on Theeb's shares on Nov. 24. The changes of the major shareholders, published on Nov. 27, showed that the ownership of Growth Opportunities Company Co. in Theeb decreased to less than 5%, according to Argaam's data.