Budget Saudi buys 70% of Overseas Development in Saudi Arabia

Logo of United International Transportation Co. (Budget Saudi)

United International Transportation Co. (Budget Saudi) finalized today, Nov. 30, the paperwork required for acquiring 70% of Overseas Development Co. in Saudi Arabia.

Budget Saudi’s wholly-owned subsidiary, Aljozoor Alrasekha Trucking Co. (Rahaal), completed the procedures required for the acqusition after satisfying the agreed terms and obtaining regulatory approvals, according to a statement to Tadawul.

The relevant financial impact is expected to appear in Q4 2023, it added.

In April, Budget Saudi signed a sales and purchase (SPA) agreement to acquire 70% of Overseas Development in Saudi Arabia, Argaam earlier reported.