Budget Saudi signs SPA to buy 70% of Overseas Development Saudi for SAR 126.4 mln
Logo of United International Transportation Co. (Budget Saudi)
United International Transportation Co. (Budget Saudi) signed a sales and purchase (SPA) agreement to acquire 70% of Overseas Development Co.’s ownership in Saudi Arabia, the company said in a statement to Tadawul.
The acquisition value was based on the relevant financial valuation, with the value of the acquired stake amounting to SAR 126.4 million.
The company said it achieved a completion rate of 93.3%, adding that the relevant costs remained intact.
In March, Budget Saudi signed a binding memorandum of understanding (MoU) to acquire 70% of Overseas Development Co.’s ownership in Saudi Arabia, 70% of Overseas Development LLC in UAE and 70% of Kuwait Logistics and Freight Co. in Kuwait, Argaam reported.
According to data compiled by Argaam, Budget Saudi’s wholly-owned subsidiary, Aljozoor Alrasekha Trucking Co. (Rahaal), signed in July 2022 the MoU for the potential acquisition of the subsidiaries of Overseas Development Co. This Mou was extended in January.