Seera says no agreement reached with PIF on Almosafer

Logo of Seera Group Holding

Seera Group Holding agreed with the Public Investment Fund (PIF) to terminate the non-binding term sheet for its proposed investment in the former’s wholly-owned subsidiary, Almosafer Co., on March 3, 2023.

The two parties failed to reach an agreement on the deal, Seera explained in a statement to Tadawul.

The company highlighted its commitment to preserving the value of its assets and achieving the highest returns for its shareholders.

It added that Almosafer is self-sufficient, independently generating consistent and profitable growth, having achieved a net booking value of SAR 5.7 billion and net earnings before interest, taxes, depreciation, and amortization (EBITDA) of SAR 49 million during the first nine months of 2023.

Almosafer intends to continue working within the ecosystem by playing a leading and strategic role in achieving the Kingdom's Vision 2030 goals in the tourism sector. The travel platform is also on track to surpass its historical performance levels and exceed SAR 10 billion in booking value by 2025, according to the statement.

The announced strategy of Seera Group includes the offering of subsidiaries whenever possible, the statement added.

According to data available on Argaam, in September 2022, Seera concluded a non-binding term sheet with the PIF on a proposed investment in Almosafer.