Logo of The United International Transportation Co. (Budget Saudi)
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.
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