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The United International Transportation Company (Budget Saudi) announces an update on its announcement that one of its subsidiaries has signed a Memorandum of Understanding regarding the possible acquisition of (70%) of the Overseas Development Holding Company’s shares in its subsidiaries in the kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of United International Transportation Company (Budget Saudi) published on the Saudi Exchange website (Tadawul) on 17/01/2023 regarding the latest updates regarding the signing of one of its subsidiaries, a memorandum of understanding of the possible acquisition of (70%) of the shares of Overseas Development Holding Company E.C. in its subsidiaries in the kingdom of Saudi Arabia, the United Arab Emirates, and the State of Kuwait. The company would like to announce that the signing of the abiding memorandum of understanding has been completed to acquire 70% of the total shares of the subsidiaries of the Overseas Development Company in each of the following countries: 1. 70 % of the share capital of Overseas Development Co. Ltd. in KSA. 2. 70 % of the share capital of Overseas Development LLC. in UAE. 3. 70 % of the share capital of Kuwait Overseas Co. for Shipping & Logistics in Kuwait. |
| Previous Announcement | The United International Transportation Company (Budget Saudi) announces an update on its announcement that one of its subsidiaries has signed a Memorandum of Understanding regarding the possible acquisition of (70%) of the Overseas Development Holding Company’s shares in its subsidiaries in the kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait. |
| Date of Previous Announcement on Tadawul's Website | 2023-01-17 Corresponding to 1444-06-24 |
| Percentage of fulfilled achievement | 90% |
| Event's Expected Completion Date | Upon obtaining regulatory approval. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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