The board of United International Transportation Co. (Budget Saudi) has approved a decision to up the company’s stake in Rahal Ltd from 95 percent to 97.9 percent, the company said in statement to Tadawul.
The subsidiary's capital will grow from SAR 25 million to SAR 60 million.
The increase will be financed through Budget’s central maintenance station in Jeddah, which is valued at SAR 35 million. As a result, Budget’s stake in Rahal will be raised from SAR 23.75 million to SAR 58.75 million.