The Clap Seera (1810) announced the finalizing of a non-binding document of terms with the Public Investment Fund (PIF) regarding the proposed investment in Al Mosafer, a subsidiary of Seera.
The Deets Seera reported that the fund is looking to acquire 30% of Al Mosafer for SAR 1.55 billion, in a deal that is likely to include an additional SAR 386 million.
The money will be paid to Al Mosafer in the form of a subscription to new shares issued by the company.
What Now As per the restructuring arrangements, Al Mosafer will own the destination management company “Discover Saudi” and “Mawasem” for Hajj and Umrah.
This travel platform is expected to work collectively, to seize local opportunities and promote domestic tourism, Hajj, and Umrah.
Why this Matters Al Mosafer seeks to use the capital injection to expand the services related to tourism in the hopes that it will contribute to strengthening its position as a leading Saudi company in the travel and tourism sector.