Riyadh – Mubasher: Kingdom Holding Company on Wednesday has acquired a 7.11% stake in Careem for SAR 232.5 million ($62 million).

The acquisition will be through increasing the capital of Careem and purchasing a stake from the market, according to a bourse filing.

The Saudi-listed firm said that its investment in Careem is considered an extension of its investment strategy in the field of technology.

The deal will be reflected on the company’s financial statement as of the second quarter of this year.

The company highlighted that it has completed this deal from the available liquidity and will not have any major impact on the company’s results.