United International Transportation Co “Budget Saudi” (4260) has fully acquired Al Jazira Equipment Company “AutoWorld.”
The acquisition cost about USD 121 million.
More Shares
The acquisition of AutoWorld’s full 300,000 shares was done via Budget’s wholly-owned subsidiary, Aljozoor Alrasekha Trucking Company (Rahaal).
The transaction was carried out through the issuance of new shares in “AutoWorld,” with a capital increase for “Budget Saudi.”
So What
Budget Saudi is targeting a SAR 70 million expansion of its capital through the issuance of some 7 million shares.
The issuance would raise the car rental company’s shares to around 78 million.
Now What
Budget Saudi projects the acquisition’s impact to be reflected in its earnings results starting in Q3 2024.
