Riyadh – Mubasher: The shareholders of United International Transportation Company (Budget Saudi) approved the board’s recommendation to increase the capital and acquire all shares of Al Jazeera Equipment Company Limited (AutoWorld).

The new capital will stand at SAR 781.66 million distributed over 78.16 million shares, compared to SAR 711.66 million and 71.16 million shares, according to a bourse filing.

Budget Saudi will raise its capital by SAR 70 million through the issuance of 7 million shares, with a nominal value of SAR 10 per share.

The Capital Market Authority (CMA) greenlighted the 9.84% capital raise on 13 May 2024, while the shareholders passed the transaction during the extraordinary general meeting (EGM) that was held on 24 June. 

In the first quarter (Q1) of 2024, Budget Saudi recorded higher net profits at SAR 69.71 million, versus SAR 69.31 million in the January-March 2023 period.