Mubasher: Arzan Capital Holding Limited announced that Arzan VC 2 has invested $1.076 million in the shares of the ridesharing app Swvl, which has entered into a definitive agreement for a business combination with Queen's Gambit Growth Capital. 

The market cap value of the shares owned by Arzan VC 2 has reached $11.226 million as the agreement valued Swvl at $1.5 billion, Arzan said in a disclosure to Boursa Kuwait on Thursday. 

Arzan Capital owns 28.88% of Arzan VC 2.

The investment will raise the fair value of the financial assets by KWD 840,000 ($2.80 million).

The impact of the investment will reflect on the company's financial results for the period ending 31 December 2021. 

During the first quarter (Q1) of 2021, Arzan achieved net profits of KWD 1.40 million, against net losses of KWD 2.89 million in Q1-20.