On January 1, 2024, the previously announced acquisition deal, dated December 25, 2023, has been completed. The United International Transportation Company, known as Budget Saudi, a prominent vehicle leasing company in Saudi Arabia, completed its acquisition of the full stake in Al Jazira Equipment Company (AutoWorld) from Saudi Economic and Development Holding Company (Sedco).
AutoWorld, a key player in the kingdom’s long-term operational leasing and vehicle maintenance industry, is now part of Budget Saudi’s portfolio. Budget Saudi’s fully-owned subsidiary, Al Jozoor Al Rasekha Trucking Company (Rahaal), executed this acquisition. The transaction involved Rahaal issuing new shares to the capital owner of AutoWorld in Budget Saudi.
As a result of this deal, Budget Saudi’s capital has increased from SAR 711.67 million to SAR 781.67 million. This increase is attributed to the issuance of 7 million new ordinary shares. Consequently, the total share count of Budget Saudi has risen from 71.17 million to 78.17 million shares, marking an approximate 9.84% increase in the company’s pre-acquisition share capital.
Following the completion of this transaction, Budget Saudi’s market valuation now stands at SAR 4.6 billion, with each share valued at SAR 65.
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