Budget Saudi’s EGM to vote on issuing new shares to acquire AutoWorld on June 24

Logo of United International Transportation Co. (Budget Saudi)

United International Transportation Co.’s (Budget Saudi) shareholders will vote on the board of directors’ recommendation to raise capital by issuing new shares, for the purpose of fully acquiring Al Jazira Equipment Co. Ltd. (AutoWorld).

According to a statement on Tadawul, the company will convene the extraordinary general meeting (EGM) on June 24.

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The statement clarified that the effective date of capital hike will follow the completion of transferring the AutoWorld shares to Aljozoor Alrasekha Trucking Co. (Rahaal), a fully owned subsidiary of Budget Saudi.

In August 2023, Budget Saudi signed a non-binding memorandum of understanding (MoU) with Saudi Economic and Development Holding Co. (SEDCO) to fully acquire the latter’s subsidiary, AutoWorld, by issuing shares to AutoWorld owner, Argaam reported earlier.