Riyadh – Mubasher: Kingdom Holding Company (KHC) on Tuesday announced completing the sale of its stake in Dubai-based ride-hailing Careem for SAR 1.25 billion ($333 million) to Uber Technologies.

The global investment firm, owned by Saudi billionaire prince Alwaleed Bin Talal, will receive SAR 565 million in cash as well as Uber’s convertible notes valued at SAR 685 million, the company said in a statement to the Saudi Stock Exchange (Tadawul).

The financial impact of the deal, with expected gains worth SAR 485 million, will be realised in the company’s financial statements for the first quarter of 2019.

It is noteworthy that the book value of the stake reached SAR 765 million.

Uber signed a deal to acquire Careem, its Middle East ride-sharing competitor, for $ 3.1 billion and the transaction is expected to be finalised in the first quarter of 2020.