Kingdom Holding Company announced that it has completed the sale of shares in Karim to Uber with a deal amounting to 1.25 billion riyals (334 million dollars), as part of Uber's acquisition of Cream.

Kingdom Holding said in a statement to the Saudi market that the terms of the deal are obtaining 565 million riyals in cash, as well as obtaining bonds convertible into shares in Uber with a value of 685 million riyals .

The company pointed out that the book value of the asset being sold (Karim) is 765 million riyals, which means that the Kingdom's holding profits from the sale are estimated at 485 million riyals, the effect of which will be shown in the quarter The first of 2019.

The Kingdom Holding Company indicated in the statement that the proceeds from the sale will be used in the company's future investments.

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