Seera shareholders to discuss Lumi demerger on Dec. 20, issues shareholders' circular

Details of Circular

Capital

SAR 550 mln

Number of Shares

55 mln

Share par value

SAR 10/share

Demerger Details

Offering 16.5 million ordinary shares, or 30% of Lumi's capital, in IPO on Tadawul.

Demerger Objectives

- Implement Seera’s portfolio strategy (Exit through IPO as part of Seera’s investment strategy, dividend distribution and achievement of fair market capitalization);
 

- Spur further growth in Lumi (inorganic growth, enhanced capital allocation supporting Lumi’s growth strategy and increased brand awareness, given that it is a listed company); and
 

- Govern Lumi’s management via independent and specialized team with increased focus on car rentals as Lumi’s core business.
 

Offer Price

The IPO share price will be determined by a book-building process and allocation method in IPOs.

Use of Demerger Proceeds

The net IPO proceeds (after deducting the IPO expenses), will be paid to Seera. Lumi will receive none.

Application to CMA for the registration and offering of Lumi’s shares on Tadawul

By the end of Q1 2023

Expected date of the CMA’s approval for the share sale of
Lumi and Tadawul’s approval for listing

By the end of 2023