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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Acquisition Details |
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Method |
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Budget Saudi to fully acquire AutoWorld |
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Consideration |
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Issuance of new shares to AutoWorld owner |
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Swap Factor |
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23.33 shares in Budget Saudi for every share owned in AutoWorld |
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Budget Saudi Capital Pre-Acquisition |
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SAR 711.67 mln |
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Budget Saudi Shares Pre-Acquisition |
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71.17 mln |
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Budget Saudi Capital Post-Acquisition |
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SAR 781.67 mln |
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Budget Saudi Shares Post-Acquisition |
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78.17 mln |
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Total Increase in Nominal Value |
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SAR 70 mln |
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No. of New Shares |
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7 mln |
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Ratio of Increase |
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9.84% |
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Budget Saudi Stock Value for Acquisition Purpose |
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SAR 65 |
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Total Value of AutoWorld Shares |
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SAR 455 mln |
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Stake of Budget Saudi Shareholders Post-Merger |
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91.04% of capital |
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Stake of AutoWorld Owner Post-Merger |
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8.96% of capital |
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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.
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