Seera says Lumi IPO constitutes demerger, needs shareholder approval

Logo of Seera Group Holding

Seera Group Holding finalized its feasibility study related to the proposed initial public offering (IPO) of Lumi Rental Co., concluding that the offering will constitute a demerger and, therefore, is subject to the approval of the Seera shareholders.

In a statement to Tadawul, the travel group said it will separately publish a shareholder invitation for an ordinary general meeting (OGM) to vote on the demerger, together with a shareholders’ circular containing further information on the demerger process.

On Sept. 28, Seera’s board of directors formed a committee to advise shareholders on the demerger, pursuant to Article 117 of the Rules on the Offer of Securities and Continuing Obligations. The committee consists of Mohammed Al-Khalil, AlBassam, and Yazeed Almuhaize as independent members.

On Nov. 21, Seera’s board approved the demerger.

In March, Seera said it was considering an IPO of its fully owned subsidiary, Lumi, on the Saudi Exchange (Tadawul), Argaam earlier reported.

For More IPOs