Saudi Arabia’s PIF to invest $414m in Seera Group’s travel unit – The National

Saudi Arabia’s PIF to invest $414m in Seera Group’s travel unit – The National

Saudi Arabia's sovereign wealth fund, the Public Investment Fund, plans to buy a stake in the travel and tourism unit of Riyadh-based Seera Group Holding for more than 1.55 billion Saudi riyals ($414 million), as it seeks to diversify its portfolio.

The PIF signed a non-binding agreement to acquire a 30 per cent share in Almosafer Travel and Tourism Company, a subsidiary of Seera Group Holding, the company said in a filing to the Tadawul stock exchange on Tuesday.

The 1.5bn-riyal investment includes up to 386m riyals in an earn-out amount to be paid to Almosafer in subscription for new shares in the travel and tourism company.