Swvl Sells one of its Subsidiaries, Urbvan, to Kolors for $12M To Leverage Sale Proceeds for Enhanced Strategic Expansion
Portfolio Pulse from Benzinga Newsdesk
Swvl Holdings Corp (NASDAQ:SWVL) has sold its subsidiary, Urbvan Mobility Ltd., to Kolors Inc. for $12 million. The sale is part of Swvl's strategy to focus on higher priority markets. Urbvan constituted 4% of Swvl's IFRS revenues as of September 30, 2022, and approximately 7% of Swvl's IFRS revenues as of December 31, 2022.
September 13, 2023 | 8:53 am
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Swvl's sale of Urbvan to Kolors for $12M is part of its strategy to focus on higher priority markets. This could potentially free up resources for Swvl to invest in these markets.
The sale of Urbvan, which constituted a small portion of Swvl's revenues, could potentially free up resources for Swvl to invest in higher priority markets. However, the impact on Swvl's stock price in the short term is uncertain as it depends on how effectively Swvl can utilize the sale proceeds for strategic expansion.
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IMPORTANCE 70
RELEVANCE 100