One of Budget Saudi’s branches
United International Transportation Co. (Budget Saudi) announced today, July 24, that its wholly-owned subsidiary, Aljozoor Alrasekha Trucking Co. (Rahaal), signed a memorandum of understanding (MoU) for the possible acquisition of companies affiliated to Overseas Development Holding Co. EC in Saudi Arabia, UAE and Kuwait.
The MoU is aimed at reaching a preliminary agreement on Rahaal’s potential acquisition of 70% of Overseas Development Co. Ltd. in Saudi Arabia, Overseas Development LLC in UAE and Kuwait Logistics and Freight Co. in Kuwait, according to a bourse statement.
This is conditional on carrying out the work of due diligence in all aspects, negotiating final agreements and obtaining approval of regulatory authorities.
The MoU is valid from the signing date today for a period of six months, subject to extension.
There are no related parties and the financial impact of this deal cannot be determined at this stage, the statement added.
Overseas Development Holding engages in logistics and shipping activities in Saudi Arabia, UAE and Kuwait, providing comprehensive solutions in this regard, in addition to land, sea, and air freight services, customs clearance, delivery, handling, management and warehousing operations, the company added.
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