SAUDI TELECOM COMPANY ANNOUNCES THAT ITS BOARD OF DIRECTORS APPROVED BUYING A SHAREHOLDERS STAKE IN CAREEM INC.
Saudi telecom company (the company) announces that its board of directors approved on 16/3/1438 corresponding to 15/12/2016 to buy 10% shareholders stake in Careem inc. (Careem) amounting to 100,000,000 USD (equivalent to SAR 375,000,000), conditional on satisfying all required requirements to close the deal. The company will use its internal financial resources to finance this investment and would not result any material impact on the company financial results and its will not entail any financial obligations on the company. This move is in line with the company strategy to invest in the innovative digital world, which helps the company to provide additional valuable and innovative products and services to their valued customers and to enhance communication via mobile within the transport system.
it is worth mentioning that Careem was established in 2012 and has operations available in 47 cities across the Middle East and North Africa, Turkey and Pakistan, And provides innovative, fast and convenient transport services through its website and its app. Careem.
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