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Budget Saudi’s unit eyes regional equity acquisition

Budget Saudi’s unit eyes regional equity acquisition
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BUDGET SAUDI
4260
1.27% 44.00 0.55

Riyadh – Mubasher: Al Jozoor Al Raskha Trucking Company (Rahaal), a subsidiary of United International Transportation Company (Budget Saudi), has signed a memorandum of understanding (MoU) for a possible stake acquisition of Overseas Development Holding Company’s regional subsidiaries.

Rahaal intends to acquire 70% equity in each of Overseas Development’s subsidiaries in Saudi Arabia, the UAE, and Kuwait, according to a bourse filing on Sunday.

Meanwhile, the transaction process is still subject to fulfilling the necessary due diligence and obtaining the approval of regulatory authorities. The agreement is effective as of 24 July 2022, holding a duration period of six months that is subject to extension.

During the first quarter (Q1) of 2022, Budget Saudi logged net profits after Zakat and tax worth SAR 60.27 million, an annual leap of 24.72% from SAR 48.32 million.