Tuesday, September 21, 2021

Kuwait’s Zain invests $10 million in merging Swvl and QueensGumpet

The Kuwaiti Mobile Telecommunications Company “Zain” announced its intention to invest in the recent merger of two companies, “Swvl” for mass transportation, and “Queens Gambit”, which specializes in acquisitions, in the amount of 3 million Kuwaiti dinars (about 10 million dollars).

Zain said in a statement on the Kuwait Stock Exchange today, Sunday, that “Swvl” and “Queens Gambit” entered into an agreement to merge the business to become, through “Swvl”, the first company in the Middle East to be listed on the Nasdaq Stock Exchange, with an estimated value of more than one billion dollars.

AndAgility Public Warehousing Company, Kuwait, announced that it will invest in the recent merger between Dubai-based mass transit company Swvl and Nasdaq-listed Queens Gambit (GMBTU).

The company, listed on the Kuwait Stock Exchange and the Dubai Financial Market, added, in a statement today, Thursday, that it will subscribe in the amount of 20 million dollars, in exchange for two million shares, in addition to 10 million dollars in convertible bonds.

The startup Swvl implemented a merger deal with a special purpose acquisition company, led by women, to raise its market value, as Swvl seeks to merge with Queen’s Gambit, a special purpose acquisition company, to raise the value of the company to about 1.5 billion dollars, in preparation for its public offering. , according to the Wall Street Journal.

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