Mobile Telecommunications Company Zain announced that it will invest in the recent merger of Swvl and Queens Gambit, with an amount of 10 million dollars, approximately 3 million Kuwaiti dinars.< /p>
Zain said in a statement to the Kuwait Stock Exchange, today, Sunday, that Swvl and Queens Gambit entered into an agreement to merge the business, to become through Swvl the first company in the Middle East with an estimated value of more than It is listed on the Nasdaq Stock Exchange under the symbol SWVL.
Dubai-based SWVL is the owner of an innovative and sustainable mass transit platform, and Queens Gambit is a specialty acquisition company.
Swvl, the Egyptian company, was established by Mostafa Kandil in 2017, as a smart service for mass transit by buses in Egypt, and then expanded to reach other markets in the region, based in Dubai. Headquarters, while the company plans to merge with Queens Gambit Growth Capital in a deal that will raise the value of the company to about 1.5 billion dollars.
It is worth noting that Zain Kuwait's profits rose by about 5% in the first half of this year, on an annual basis, to reach 86 million dinars, with a profit of about 10 fils per share. The one.
