The United International Transportation Company (Budget Saudi) announces the latest developments regarding the signing of a memorandum of understanding by one of its subsidiaries regarding the potential acquisition of (70%) of the shares of the Overseas Development Holding Company in its subsidiaries in the Kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait
| Element List | Explanation |
|---|---|
| Previous Announcement | The United International Transportation Company (Budget Saudi) announces an update on its announcement that one of its subsidiaries has signed a Memorandum of Understanding regarding the possible acquisition of (70%) of the Overseas Development Holding Company’s shares in its subsidiaries in the kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-03-16 Corresponding to 1444-08-24 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Referring to the announcement of the United International Transportation Company (Budget Saudi), which was published on the Tadawul website on 16-03-2023, regarding the latest developments regarding the signing of a memorandum of understanding by one of its subsidiaries regarding the potential acquisition of (70%) of the Overseas Development Holding in its subsidiaries in the Kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait.
The United International Transportation Company would like to announce that the sale and purchase agreement has been signed to acquire 70% of the Overseas Development LLC. shares in the United Arab Emirates.
The acquisition amount was based on the financial evaluation of the acquisition, as the value of the acquired stake amounted to 13,346,586 AED. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
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