Kingdom Holding approves 4.8 mln shares acquisition in Lyft

Kingdom Holding Co.’s shareholders have approved a related party transaction to acquire 4.76 million shares in the US ride-hailing firm Lyft from Prince Al Waleed Bin Talal.

The deal was executed with no preferential terms, the company said in a bourse statement.

In September 2018, the board of directors approved the acquisition of 4.76 million shares in Lyft at a total value of SAR 846 million ($225.6 million), according to data compiled by Argaam.

Shareholders have also approved all related party transactions between the company and Kingdom Center Co. Ltd. in which the company’s chairman, Prince al Waleed Bin Talal, has an indirect interest.

The transaction is renting offices on the 66th floor in the Kingdom Tower at an annual rent of SAR 6 million.

The general assembly also approved a 5 percent cash dividend distributed for fiscal year 2018 at SAR 0.5 per share.

Meanwhile, they have delegated the board of directors to distribute cash dividend for FY 2019 on a semi-annual or a quarterly basis.