United International Transportation Co. (Budget) announced that its subsidiary Solid Roots Ltd Co. signed a memorandum of understanding (MoU) with Barloworld Logistics, for the establishment of logistics services provider in the local market, the company said in a filing to Tadawul.
It added that the MoU will be effective for one year from the signing date till finalizing relevant studies and necessary procedures with SAGIA. Each party will own 50% of the new entity.
The company said that Barloworld is one of the largest companies that operate in the field of logistics. Its subsidiaries spread in Europe, US, East Asia and Middle East.
It has business in many countries such as Spain, UK, Portugal, China, Germany and UAE. It is headquartered in South Africa and listed in London and Johannesburg stock exchange.
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