Budget Saudi unit extends MoU to acquire 70% of 3 Overseas Development subsidiaries

17/01/2023 Argaam

United International Transportation Co. (Budget Saudi) announced that its wholly owned subsidiary, Aljozoor Alrasekha Trucking Co. (Rahaal), extended the memorandum of understanding (MoU) for the potential acquisition of subsidiaries of Overseas Development Co. Ltd in Saudi Arabia, the UAE, and Kuwait.

 

According to Tadawul statement, the extension came with the same previous terms and conditions, and for an additional period of 180 days from Jan. 24, 2023.

 

It explained that the extension is aimed at finalizing the due diligence review as it is expected to be completed during the extension period, noting that the achieved completion rate reached 65%.

 

According to data compiled by Argaam, Rahaal signed in July 2022 the MoU for the potential acquisition of 70% of Overseas Development Co. Ltd. in Saudi Arabia, 70% of Overseas Development LLC in UAE and 70% of Kuwait Logistics and Freight Co. in Kuwait.

 

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