Budget Saudi Subsidiary Completes AutoWorld Acquisition

United International Transportation Company (Budget Saudi) announced on Sunday the completion of its acquisition of Al-Jazeera Equipment Company (AutoWorld) through its fully owned subsidiary, Al Jozoor Al Rasekha Trucking Company.

The acquisition encompasses the entire shareholding of AutoWorld, consisting of 300,000 ordinary shares, representing 100% of AutoWorld’s capital. This transaction was executed through the issuance of new shares in Budget Saudi to AutoWorld’s selling shareholder.

As a result, Budget Saudi’s capital will increase from SAR 711,666,680 to SAR 781,666,680. This capital hike will be achieved by issuing 7 million ordinary shares, raising the total number of Budget Saudi shares from 71,166,668 to 78,166,668, marking an increase of approximately 9.84%.