Logo of Seera Group Holding Co.
Seera Group Holding Co. announced that an extraordinary general assembly meeting (EGM) will be held on Dec. 20, to vote on demerger of Lumi Rental Co. from the group and the offering of 16.5 million ordinary shares, or 30% of Lumi's capital to the public on the Saudi Exchange (Tadawul).
The company published the shareholders’ circular and expected timeline to finalize the demerger.
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Details of Circular |
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Capital |
SAR 550 mln |
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Number of Shares |
55 mln |
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Share par value |
SAR 10/share |
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Demerger Details |
Offering 16.5 million ordinary shares, or 30% of Lumi's capital, in IPO on Tadawul. |
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Demerger Objectives |
- Spur further growth in Lumi (inorganic growth, enhanced capital allocation supporting Lumi’s growth strategy and increased brand awareness, given that it is a listed company); and - Govern Lumi’s management via independent and specialized team with increased focus on car rentals as Lumi’s core business. |
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Offer Price |
The IPO share price will be determined by a book-building process and allocation method in IPOs. |
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Use of Demerger Proceeds |
The net IPO proceeds (after deducting the IPO expenses), will be paid to Seera. Lumi will receive none. |
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Application to CMA for the registration and offering of Lumi’s shares on Tadawul |
By the end of Q1 2023 |
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Expected date of the CMA’s approval for the share sale of |
By the end of 2023 |
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