Shares of Swvl Holdings Corp. fell Tuesday by 15.7% to $4.35 in its second day of declines after the company said it would acquire Mexico-based Urbvan Mobility Ltd.
Shares dropped 20% to $5.46 Monday afternoon and declined to $5.16 apiece by market close.
Swvl, a provider of tech-enabled mass-transit solutions, said Monday that the acquisition of Urbvan, a shared mobility platform that provides similar services, would be completed in the third quarter. Details of the deal were not disclosed.
Earlier this year, Swvl also said it would buy Zeelo, a smart-bus platform and technology scale-up, and Volt Lines, a Turkey-based B2B and Transport-as-a-Service mobility business.
Swvl shares are down 56% for the year.