Saudi news

A subsidiary of “Budget” extends a memorandum of understanding to acquire stakes in companies

The United International Transportation Company “Budget Saudi Arabia” announced the extension of Al-Juzour Al-Rasikhah Transportation Company Ltd. “Rahal”, which it owns 100%, to a memorandum of understanding for the potential acquisition of 70% of the shares of the subsidiaries of the Overseas Development Company (Holding) in Saudi Arabia, the Emirates and Kuwait. .

And the company stated in a statement on “Tadawul Saudi Arabia”, today, Tuesday, that the extension came with the same previous terms and conditions, and for an additional period of 180 days from the date of January 24, 2023.

She said that the extension is for the purpose of completing the due diligence work, and it is expected to be completed during the extension period.

She indicated that the percentage of achievement achieved reached 65%.

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