Riyadh – Mubasher: Saudi Arabia’s Kingdom Holding Company (KHC) on Tuesday has said that its 2.30% subsidiary Lyft will be listed on Nasdaq Stock Exchange over the coming period.
Lyft, which started business in 2012 is based in the US and provides on-demand transportation and ride-hailing services.
During September last year, KHC stated that the board of directors had approved to buy 4.766 million shares Lyft at a value of SAR 846 million.
In December 2015, the firm and the Chairman Al-Waleed bin Talal led a group of investors that invested $247.7 million in U.S.-based Lyft.
The Tadawul-listed company last reported a 0.4% rise in profits of the third quarter of 2018, reaching SAR 248.551 million, compared to SAR 247.544 million in Q3-17.
By 2:15 pm Saudi time, KHC's stock levelled down 0.59% to SAR 8.45.