United International Transportation Co. (Budget Saudi) has sold a 51 percent stake in its subsidiary Unitrans Infotech Services India to India’s Gemini Software Solutions at a total value of SAR 2.94 million, the car rental company said in a statement to Tadawul.
Saudi Budget generated SAR 910,000 in net capital gains from the deal, which will be reflected on Q4-2015 results.
In September, Gemini Software Solutions LTD sent a letter of intent (LoI) to Budget, expressing its interest in acquiring the stake.
Following the transaction, Saudi Budget now owns 49 percent of the IT firm.