United International Transportation Company (Budget Saudi), the sole franchisee of Budget International, plans to increase to 98.8 percent its stake in its subsidiary, al-Jozoor al-Rasekha or Rehal through increasing Rehal’s capital to SAR 100 million from SAR 60 million, the company said in a statement to the Saudi bourse, Tadawul.
Budget Saudi stake in Rehal will be SAR 99 million instead of SAR 59 million, it added.
The deal will be financed from the company’s own resources and aims at supporting the expansion plans of Rehal.