Al Tayyar Travel Group Holding acquired 33.3% of Jumia Middle East, which owns the online e-commerce website Wadi.com, for EUR 30 million (SAR 125.6 million).
“The group led an alliance to raise the company’s capital by EUR60 million, which was financed from own sources”, the group stated, expecting that the financial impact will be reflected in the second quarter of 2016.
Abdullah bin Nasser, the group’s chief executive said that the management was keeping an eye on “Wadi.com” and its executive team that shortly demonstrated promising potentials to inject a great variety of products into the market.
Al-Tayyar led a consortium to raise Jumia’s capital by EUR 60 million (SAR 253.3 million), and financed its share in the capital hike from its cash resources, the travel group added in a statement to the Saudi bourse, Tadawul on Sunday.
The financial impact of this deal is expected to be booked in the second quarter, the group added.
Wadi.com sells more than 150,000 products and 2,000 brands such as Apple, Samsung and Hugo Boss and Lacoste through more than 500 partner vendors.