Latest news with #SeeraGroup
Zawya
11 hours ago
- Business
- Zawya
Seera's board proposes capital cut to $720mln
Riyadh - The board of directors of Seera Group Holding has recommended an 8.65% capital cut to SAR 2.74 billion from SAR 3 billion, according to a bourse disclosure. The capital reduction will be executed through the cancellation of 25.95 million ordinary treasury shares, including 2.03 million shares allocated to the company's employee share program. Subject to the approvals of the Capital Market Authority (CMA) and the extraordinary general meeting (EGM), the transaction will be implemented at a cancellation rate of 8.65 per 100 shares of the company. It is worth highlighting that the capital reduction has no material impact on Seera's financial position, operations, or regulatory obligations. As of 31 March 2025, the net profits of Seera hit SAR 53 million, marking an annual drop of 13.11% from SAR 61 million.
Arab News
a day ago
- Business
- Arab News
Closing Bell: Saudi main index rises to close at 10,610
RIYADH: Saudi Arabia's Tadawul All Share Index rose on Thursday, gaining 19.58 points, or 0.18 percent, to close at 10,610.71. The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 116 of the stocks advanced and 115 retreated. The Kingdom's parallel market Nomu lost 28.01 points, or 0.11 percent, to close at 26,175.83. This came as 35 of the listed stocks advanced while 41 retreated. The MSCI Tadawul Index lost 0.54 points, or 0.04 percent, to close at 1,367.14. The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 9.97 percent to SR7.50. Seera Group Holding also recorded strong gains, with its share price rising 7.99 percent to SR23.80, while Banan Real Estate Co. climbed 7.14 percent to close at SR4.50. Southern Province Cement Co. recorded the most significant drop, falling 5.19 percent to SR27.40. Ataa Educational Co. also saw its stock prices fall 3.43 percent to SR59.10. Leejam Sports Co. also saw its stock prices decline 3.01 percent to SR116. On the announcements front, Advance International Communications and Technology said it has completed the conversion of one of its branches into an independent limited liability company under the name Innovation Passage Technology Co. According to a statement on Tadawul, the move is part of the company's strategy to restructure its operations by separating the wholesale business sector. The new entity will take over all wholesale functions and operations. The company stated that the transformation is not expected to have a significant financial impact and that any further updates will be announced as they arise. Alujain Corp. announced that its board of directors has approved the distribution of SR51.9 million in cash dividends for the second quarter of 2025. A bourse filing revealed that the number of shares eligible for dividends is 69.2 million, with the dividend per share set at SR0.75. The dividend represents 7.5 percent of the share's par value. Alujain shares closed the session up 2.74 percent at SR35. United Cooperative Assurance Co. announced the signing of a memorandum of understanding with Arabia Insurance Cooperative Co. to evaluate a potential merger. According to a Tadawul filing, both parties will conduct technical, financial, tax, legal, and actuarial due diligence, and will enter into non-binding discussions regarding the terms and conditions of the proposed transaction. United Cooperative Assurance shares closed at SR6.70, up 0.75 percent.
Argaam
a day ago
- Business
- Argaam
Seera board recommends 10% share buyback
Seera Group Holding 's board of directors recommended the repurchase of up to 10% of the company's ordinary shares following the completion of the capital cut, announced earlier today, June 19. According to a statement to Tadawul, these shares will be retained as treasury shares since the board believes the stock is currently undervalued compared to its fair value. The number of shares to be repurchased amounts to approximately 26.92 million, the statement noted, adding that the transaction will be funded through the company's own resources. The company said that this proposal is pending shareholders' approval and is subject to meeting all regulatory conditions. Additionally, the company affirmed that it will comply with the solvency requirements, as per the solvency report issued by the company's external auditor. The repurchased shares shall not have voting rights at general meetings, the statement added. Seera's board further recommended an 8.65% capital cut, or 8.65 shares for every 100 shares held, by canceling 25.95 million ordinary treasury shares. This includes approximately 2.03 million ordinary shares allocated to the company's employee stock program. Treasury shares currently account for 8.8% of total shares. Following the proposed cancellation, treasury shares would represent approximately 0.18% of the company's share capital.
Trade Arabia
26-05-2025
- Business
- Trade Arabia
Almosafer named global travel agency partner of Adeera
Almosafer, Saudi Arabia's leading travel company (part of Seera Group), has entered into a partnership with Hotel Management Company (Adeera), a Public Investment Fund (PIF) company, to promote world-class Saudi Arabian hospitality to domestic and inbound tourists. The MoU aims to enhance the Kingdom's thriving hospitality and tourism sector in line with the ambitious goals of Saudi Vision 2030. As part of the newly signed partnership, Almosafer, as the first global travel agency, will integrate Adeera's hospitality brands across its portfolio of B2B and B2C travel & tourism businesses to offer domestic and international travellers seamless access to top-of-the-range Saudi Arabian hospitality. The significant collaboration between the PIF entity and the national champion of Saudi Arabia's travel and tourism sector marks a milestone for the Kingdom's luxury hospitality sector. CEO Muzzammil Ahussain said: "As a homegrown company catering to the growing needs of domestic and international travellers, we are proud to connect the world to the unique culture and heritage of Saudi Arabia." "Our expansive digital reach and integrated platforms make us the perfect partner to showcase PIF company Adeera's authentic Saudi hospitality brand and services to the world, and we look forward to enabling a seamless booking experience for more people to enjoy Saudi Arabian hospitality at its best," he stated. Adeera CEO Stefan Leser said: "Saudi Arabia's unique hospitality culture is an essential part of its identity and integral to the kingdom's ambitious tourism goals." "At Adeera, we are committed to bringing this same spirit of warmth and luxury and further elevating it through our carefully curated selection of homegrown hospitality brands in our role as the national champion of the Saudi hospitality sector," stated Leser. "Through our partnership with a leading brand like Almosafer and its immense digital reach, we hope to connect tourists further to authentic Saudi hospitality that truly reflects the unique culture of the Kingdom," he added. A new kind of purpose-driven hotel group with its roots in Saudi Arabia's rich hosting heritage and its sights set on transforming hospitality, Adeera combines deep cultural insight with world-class hospitality expertise.
Zawya
26-05-2025
- Business
- Zawya
Almosafer appointed first global travel agency partner of the hotel management company Adeera
Riyadh, Saudi Arabia: Almosafer, Saudi Arabia's leading travel company (part of Seera Group), has entered into a partnership with Hotel Management Company 'Adeera', a Public Investment Fund (PIF) company, to promote world-class Saudi Arabian hospitality to domestic and inbound tourists. The MoU aims to enhance the Kingdom's thriving hospitality and tourism sector in line with the ambitious goals of Saudi Vision 2030. As part of the newly signed partnership, Almosafer, as the first global travel agency, will integrate Adeera's hospitality brands across its portfolio of B2B and B2C travel & tourism businesses to offer domestic and international travellers seamless access to top-of-the-range Saudi Arabian hospitality. The significant collaboration between the PIF entity and the national champion of Saudi Arabia's travel and tourism sector marks a milestone for the Kingdom's luxury hospitality sector. Muzzammil Ahussain, CEO, Almosafer, said, 'As a homegrown company catering to the growing needs of domestic and international travellers, we are proud to connect the world to the unique culture and heritage of Saudi Arabia. Our expansive digital reach and integrated platforms make us the perfect partner to showcase PIF company Adeera's authentic Saudi hospitality brand and services to the world, and we look forward to enabling a seamless booking experience for more people to enjoy Saudi Arabian hospitality at its best.' Stefan Leser, CEO, Adeera: 'Saudi Arabia's unique hospitality culture is an essential part of its identity and integral to the Kingdom's ambitious tourism goals. At Adeera, we are committed to bringing this same spirit of warmth and luxury and further elevating it through our carefully curated selection of homegrown hospitality brands in our role as the national champion of the Saudi hospitality sector. Through our partnership with a leading brand like Almosafer and its immense digital reach, we hope to connect tourists further to authentic Saudi hospitality that truly reflects the unique culture of the Kingdom.' A new kind of purpose-driven hotel group with its roots in Saudi Arabia's rich hosting heritage and its sights set on transforming hospitality, Adeera combines deep cultural insight with world-class hospitality expertise. Almosafer's extensive on-ground knowledge and digitally integrated platforms that offer a seamless booking experience across a range of travel services, from flight bookings to hotel reservations and local activities, make Saudi's leading travel company the perfect partner to further promote the offerings of Adeera to the world. About Almosafer (part of Seera Group) Saudi Arabia's Leading Travel Company Elevating the journey for travellers to, from & within Saudi Arabia, the region & beyond, while harnessing Seera Group's 40+ years of expertise, Almosafer supports Saudi Arabia's vision as a national champion for tourism. Through its portfolio of businesses, Almosafer caters to every vertical across the travel and tourism ecosystem. A holistic travel platform built on the foundation of data, technology, and scalability, we serve all travel sectors, from consumer to corporate and government, while enabling inbound tourism for leisure and religious travel. Almosafer elevates travel experiences through multiple businesses operating under the Almosafer umbrella: Almosafer, the Middle East's leading travel brand, offers consumers seamless user experiences for domestic and international travel bookings through its omnichannel offerings. As a dedicated service solution, Almosafer Concierge addresses the needs of VIP and high-end clients through bespoke services. Almosafer Business caters to corporate & government entities with travel management solutions. Almosafer Activities is the first-ever holistic tours and activities marketplace for the Saudi market. It offers things to do across the Kingdom for travellers from Saudi Arabia and beyond. Discover Saudi is the Kingdom's leading Destination Management Company, specializing in inbound travel, tour operations, MICE services and online distribution. Mawasim is a Hajj and Umrah tour operator. It offers high-quality end-to-end travel arrangements and simplified sourcing for external agents in key international source markets. For media enquiries, please contact: Nivine William Burson | About Adeera Hotel Management Company 'Adeera', Saudi Arabia's national hospitality champion, aims to develop hotel brands and provide a unique visitor experience by embodying the authentic Saudi hospitality and generosity culture to the highest global standards. An imperative goal of Adeera is to empower talents and competencies through its initiatives with partners and leading educational and training institutions, contributing to the achievement of Vision 2030 objectives and placing the Kingdom on the global tourism map.
