United International Transportation Co. (Budget) has established Rahal Ltd, a limited liability company, with paid-up capital of SAR 25 million, of which Budget owns a 95 percent stake.
Budget's stake of SAR 23.75 million is divided in two parts; SAR 21 million which represents 286 trucks, and SAR 2.75 million cash, the company said in a statement to the Saudi bourse.
Rahal Ltd operates in buying, selling, and leasing buses, trucks, vehicles and caravans. It was founded in 25/03/2012 and licensed in 26/08/2012.
"This investment is in-line with the company’s expansion policy, which aims to exploit most prominent investment opportunities locally and overseas, diversify sources of income, and benefit from cash reserves and retained earnings," the company added.
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