Budget sells 51% stake in Unitrans Infotech for SAR 2.94 mln

04/11/2015 Argaam

United International Transportation Co. (Budget Saudi) has sold a 51 percent stake in its subsidiary Unitrans Infotech Services India to India’s Gemini Software Solutions at a total value of SAR 2.94 million, the car rental company said in a statement to Tadawul.

 

Saudi Budget generated SAR 910,000 in net capital gains from the deal, which will be reflected on Q4-2015 results.  

 

In September, Gemini Software Solutions LTD sent a letter of intent (LoI) to Budget, expressing its interest in acquiring the stake.

 

Following the transaction, Saudi Budget now owns 49 percent of the IT firm.

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