Budget Saudi signs binding MoU to acquire 70% of Overseas Development subsidiaries
16/03/2023 Argaam
Logo of United International Transportation Co. (Budget Saudi)
United International Transportation Co. (Budget Saudi) signed a binding memorandum of understanding (MoU) to acquire to acquire 70% of the total shares of the subsidiaries of Overseas Development Co.
In a statement to Tadawul, Budget Saudi said the MoU entails acquisition of 70% of Overseas Development Co. Ltd. in Saudi Arabia, 70% of Overseas Development LLC in UAE and 70% of Kuwait Logistics and Freight Co. in Kuwait.
The company said it has achieved a completion rate of 90%. It expects the acquisition to complete upon approvals from the regulatory authorities.
According to data compiled by Argaam, Rahaal signed in July 2022 the MoU for the potential acquisition of the subsidiaries of Overseas Development Co. This Mou was extended in January.