Budget Saudi buys 70% of Overseas Development in Saudi Arabia

30/11/2023 Argaam
Logo of United International Transportation Co. (Budget Saudi)

Logo of United International Transportation Co. (Budget Saudi)

United International Transportation Co. (Budget Saudi) finalized today, Nov. 30, the paperwork required for acquiring 70% of Overseas Development Co. in Saudi Arabia.

 

Budget Saudi’s wholly-owned subsidiary, Aljozoor Alrasekha Trucking Co. (Rahaal), completed the procedures required for the acqusition after satisfying the agreed terms and obtaining regulatory approvals, according to a statement to Tadawul.

 

The relevant financial impact is expected to appear in Q4 2023, it added.

 

In April, Budget Saudi signed a sales and purchase (SPA) agreement to acquire 70% of Overseas Development in Saudi Arabia, Argaam earlier reported.

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