IssuerAnnouncementDetailsV2Portlet
Actions
The United International Transportation Company (Budget Saudi) announces the completion of procedures to acquire (70%) of the Overseas Development Holding Company’s shares in its subsidiary in the United Arab Emirates.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement published on the Tadawul on 15-04-2024 by the United International Transportation Company ("Budget Saudi") regarding the signing of one of its subsidiaries, Aljozoor Alrasekha Transportation Company Ltd ("Rahal") (“the buyer”). A Memorandum of Understanding to Purchase Shares (“the Agreement”) for the purpose of acquiring 70% of the Overseas Development Company’s shares in its subsidiary in the United Arab Emirates. (“Target Company”). Budget Saudi announces the completion of the procedures for acquiring 70% of the target company shares (“the deal”). |
| Acquisition Procedures Conclusion Date | 2024-12-25 Corresponding to 1446-06-24 |
| Summary of Acquisition / Purchase | The process for Aljozoor Alrasekha Transportation Company Ltd. ("Rahal") acquisition of 70% of the target company’s shares have been completed after fulfilling the preconditions contained in the agreement, including obtaining approvals from the relevant authorities. |
| Related Parties | None |
| Financial Impact | The financial impact of the agreement on the financial results will appear starting from the fourth quarter of the fiscal year 2024. |
| Ownership and Legal Documents Transfer Conclusion Date | 25-12-2024 Corresponding to 24-06-1446 |
| Additional Information | Budget Saudi has re-evaluated the financial value of the acquired 70% stake, and based on negotiations, the value of the stake has been reduced from AED 13,346,586 to AED 7,835,000. |
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.
Share
Company Performance
Add To Watchlist
In your Watchlist
Add To Watchlist
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions