Budget Saudi completes acquisition of AutoWorld

21/07/2024 Argaam
Logo ofThe United International Transportation Co. (Budget Saudi)

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

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.

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