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Al Tayyar Travel's Careem stake carries zero book value in FY18

Al Tayyar Travel's Careem stake carries zero book value in FY18
Al Tayyar Travel owned 14.7% stake in Careem
SEERA
1810
-2.11% 18.58 -0.40

Riyadh – Mubasher: Al Tayyar Travel Group Holding Co on Wednesday announced that the book value of its 14.7% stake in Careem is zero in its financial results for the fiscal year ended 31 December 2018, according to a statement to the Saudi Stock Exchange (Tadawul).

On 26 March, New York-based Uber inked a deal to acquire its Middle East rival Careem, partially owned by Al Tayyar Travel Group, in a $3.1 billion deal.

Al Tayyar Travel expected to receive SAR 1.78 billion ($475 million) in revenues from selling its stake in the Dubai-based ride-hailing app and projected a total profit of SAR 1.34 billion in 2019.

By 11:53 am Saudi time, the travel group’s stock fell 1.72% to SAR 28.60.