Budget Saudi subsidiary signs MoU to acquire 70% of Overseas Development Holding’s shares in KSA, UAE, Kuwait

United International Transportation Company (Budget Saudi) announces that one of its subsidiaries – Aljozoor Alrasekha Trucking Company (Rahaal) – which is 100% owned by (Budget Saudi) has signed a Memorandum of Understanding in connection with the possible acquisition of subsidiaries of Overseas Development Holding Company E.C. in the following Countries:

– 70 % of the share capital of Overseas Development Co. Ltd. in KSA.

– 70 % of the share capital of Overseas Development LLC. in UAE.

– 70 % of the share capital of Kuwait Overseas Co. for Shipping & Logistics in Kuwait.

Memorandum Subject is reaching a preliminary agreement for the subsidiary company (Rahaal) to acquire (70%) of the Overseas Development Holding Company shares in its subsidiaries in the Kingdom of Saudi Arabia, the United Arab Emirates, and the State of Kuwait, conditional on carrying out the work of due diligence in all its aspects, negotiating final agreements and obtaining the approval of the regulatory authorities.

This memorandum shall be effective from the date of its signature and for a period of six months, subject to extension.

There are no related parties. The financial impact of this memorandum cannot be determined at this stage.

Overseas Development Holding Company E.C.engages in logistics and shipping activities in the Kingdom of Saudi Arabia, the United Arab Emirates, and the State of Kuwait, providing comprehensive solutions for logistics services in addition to land, sea, and air freight services, customs clearance, delivery, handling, management and operation of warehouses.