United International Transportation Co. (Budget Saudi)headquarter
United International Transportation Co. (Budget Saudi) has completed the acquisition of 70% of Overseas Development LLC shares in the UAE, according to a statement to Tadawul.
Subsidiary Aljozoor Alrasekha Transportation Co. (Rahal) acquired 70% of the target company, after fulfilling the preconditions contained in the agreement, includingtheapprovals from the relevant authorities.
The relevant financial impact of the agreement will appear starting from the fourth quarter of 2024.
Ownership as well as other regulatory documents were transferred on Dec. 26, 2024.
Budget Saudi has reevaluated the value of the acquired 70% stake, and based on negotiations, the stake value was reduced from AED 13,35 million to AED 7.84 million.
In March 2023, Budget Saudisigneda binding memorandum of understanding (MoU) to acquire 70% of the total shares of the subsidiaries of Overseas Development Holding in Saudi Arabia, the UAE and Kuwait, Argaamearlier reported.
United International Transportation Co. (Budget Saudi)headquarter
United International Transportation Co. (Budget Saudi) has completed the acquisition of 70% of Overseas Development LLC shares in the UAE, according to a statement to Tadawul.
Subsidiary Aljozoor Alrasekha Transportation Co. (Rahal) acquired 70% of the target company, after fulfilling the preconditions contained in the agreement, includingtheapprovals from the relevant authorities.
The relevant financial impact of the agreement will appear starting from the fourth quarter of 2024.
Ownership as well as other regulatory documents were transferred on Dec. 26, 2024.
Budget Saudi has reevaluated the value of the acquired 70% stake, and based on negotiations, the stake value was reduced from AED 13,35 million to AED 7.84 million.
In March 2023, Budget Saudisigneda binding memorandum of understanding (MoU) to acquire 70% of the total shares of the subsidiaries of Overseas Development Holding in Saudi Arabia, the UAE and Kuwait, Argaamearlier reported.
