Seera Slumps After Saudi PIF Scraps Plans to Buy Stake in Unit
- Seera drops as much as 10% on Monday on news of the deal
- PIF, Seera had signed an initial pact on Almosafer in 2022
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Shares of the Riyadh-listed Seera Group Holding dropped nearly 10% after the firm said it failed to reach a deal with Saudi Arabia’s wealth fund to acquire a stake in one of its units.
The Public Investment Fund and Seera terminated an initial pact that would have seen the fund acquire a 30% in Almosafer Travel & Tourism Co. “due to the inability to reach an agreement between the parties,” according to a stock exchange filing.