The United International Transportation Company (Budget Saudi) has announced that one of its key subsidiaries, Al Jozoor Al Rasekha Trucking Company, has successfully acquired the entire stake in Al Jazeera Equipment Company (AutoWorld).

 

A leading player in the kingdom's car rental business, Budget Saudi said it has bought all the 300,000 shares in Al AutoWorld through Al Jozoor Al Rasekha Trucking in exchange for the issuance of new shares.

 

As per the deal, Budget Saudi will boost its capital from SAR711.6 million ($190 million) to SR781.6 million ($208.2 million) through issuance of 7 million ordinary shares, said the company in its filing to Saudi bourse Tadawul.

 

With this move, the total number of Budget Saudi shares has risen from 71.2 million to 78.1 million shares, thus representing an increase of about 9.84%.

 

The financial impact will be visible on the financial results starting from the third quarter of the fiscal year 2024, it added.-TradeArabia News Service