The United International Transportation Company (Budget Saudi) announces the completion of procedures to acquire (70%) of the Overseas Development Holding Company’s shares in its subsidiary in the Kingdom of Saudi Arabia
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement published on the Tadawul on 30/04/2023 by the United International Transportation Company ("Budget Saudi") regarding the signing of one of its subsidiaries, Aljozoor Alrasekha Transportation Company Ltd ("Rahal") (“the buyer”). A Memorandum of Understanding to Purchase Shares (“the Agreement”) for the purpose of acquiring 70% of the Overseas Development Company’s shares in its subsidiary in the Kingdom of Saudi Arabia (“Target Company”).
Budget Saudi announces the completion of the procedures for acquiring 70% of the target company shares (“the deal”). |
| Acquisition Procedures Conclusion Date | 2023-11-30 Corresponding to 1445-05-16 |
| Summary of Acquisition / Purchase | The procedures for Aljozoor Alrasekha Transportation Company Ltd. ("Rahal") acquisition of 70% of the target company’s shares have been completed after fulfilling the preconditions contained in the agreement, including obtaining approvals from the relevant authorities. |
| Related Parties | None |
| Financial Impact | The financial impact of the agreement on the financial results will appear starting from the fourth quarter of the fiscal year 2023. |
| Ownership and Legal Documents Transfer Conclusion Date | 27/ 11/ 2023 |
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