|Seera Group Holding Company (the "Group") announces that it is currently considering the initial public offering (IPO) of its fully owned subsidiary, Lumi Rental Company (the "Company"), on the Saudi Exchange (Tadawul). The Company’s headquarters are located in the city of Riyadh, Kingdom of Saudi Arabia, and it is engaged in providing car rental services.
The Group and the Company are currently conducting detailed feasibility studies to cover all organizational, financial, technical and legal aspects to determine the prospects of the initial public offering of the Company, which shall be followed by further financial and legal due diligence reviews for the purpose of preparation of the required documentation and disclosures in accordance with the applicable rules and regulations. Noting that the initial public offering of the Company is subject to satisfying the necessary regulatory procedures and requirements, including without limitation obtaining approvals from the Capital Market Authority on the registration and offer of the Company’s shares and the prospectus relating to the potential offering, approval from the Saudi Exchange (Tadawul) on listing the Company’s shares, in addition to obtaining all required official approvals in connection with the offering.
Any material developments will be announced in due course.