Budget Saudi completes acquisition of AutoWorld

United International Transportation Co. (Budget Saudi) announced completing the acquisition of Al Jazira Equipment Co. (AutoWorld) through Aljozoor Alrasekha Trucking Co. (Rahaal), its wholly owned subsidiary, according to a statement to Tadawul. 

 

 

Budget Saudi completed the procedures for acquiring the entire of AutoWorld's entire share capital of 300,000 shares, representing 100% of the capital. In exchange, the company will issue new shares in Budget Saudi to the selling shareholder of AutoWorld. This will lead to Budget Saudi’s capital increase as shown below.

 

Capital Increase Details
Budget Saudi pre-acquisition capital	SAR 711.67 mln
Number of Budget Saudi shares before acquisition	71.17 mln
Budget Saudi post-acquisition capital	SAR 781.67 mln
Number of Budget Saudi's shares after acquisition	78.17 mln
Total increase (in nominal value)	SAR 70 mln
Number of new shares	7 mln
Capital increase (%)	9.84%

The relevant financial impact will appear on the financial statements as of Q3 2024, the statement added.

 

The transfer of ownership and the legal documents were made on July 18, 2024.

 

The deal included no related parties.

 

Budget Saudi signed, on Aug. 24, 2023, a non-binding memorandum of understanding (MoU) with Saudi Economic and Development Holding Co. (SEDCO) to fully acquire its subsidiary, AutoWorld, by issuing shares to the subsidiary owner, data compiled with Argaam showed.