Mass Transit Solutions Provider Swvl Sells Its Subsidiary Urbvan Mobility For $12M
Portfolio Pulse from Shivani Kumaresan
Swvl Holdings Corp (NASDAQ:SWVL) has sold its subsidiary, Urbvan Mobility Ltd, to Kolors Inc for $12 million. Urbvan, a transport provider in Latin America, was acquired by Swvl in July 2022. The sale is expected to accelerate Swvl's strategic expansions in higher priority markets. Urbvan constituted 7% of Swvl's IFRS revenues as of December 31, 2022. Following the news, SWVL shares are trading higher by 16.67% at $1.19.
September 13, 2023 | 3:10 pm
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Swvl's sale of Urbvan Mobility to Kolors Inc for $12M is expected to accelerate its strategic expansions. The news has positively impacted SWVL's stock price, which is up 16.67%.
The sale of Urbvan Mobility, which constituted 7% of Swvl's IFRS revenues, is a strategic move to accelerate Swvl's expansion in higher priority markets. This news is directly related to Swvl and has resulted in a positive impact on its stock price, which is up 16.67%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100