Al Tayyar ups stake in UAE’s Careem to 20.9% after capital hike

Al-Tayyar Travel Group has increased its stake in the United Arab Emirates-based Careem to 20.9 percent from 18.4 percent by subscribing to shares worth SAR 80.8 million as part of the car booking services provider’s recent capital increase.

Al Tayyar financed the transaction through its resources and relevant financial impact will be reflected on Q1-2016 results, the Saudi-based travel services firm said in a statement to Tadawul.

Last December, Al Tayyar bought a 18.4 percent stake in Careem valued at SAR 16.88 million, as well as the right to invest an additional amount of SAR 15 million, according to the data available on Argaam.

Careem is said to use the proceeds to fund its expansion plans.