Budget Saudi inks agreement to acquire 70% of Overseas Development in UAE

United International Transportation Co. (Budget Saudi) signed a sale and purchase agreement to acquire 70% of Overseas Development LLC shares in the UAE.

According to a statement to Tadawul, the acquisition amount was based on the financial evaluation of the acquisition, as the value of the acquired stake amounted to AED 13.35 million.

In March 2023, Budget Saudi signed a binding memorandum of understanding (MoU) to acquire 70% of the total shares of the subsidiaries of Overseas Development Holding in Saudi Arabia, the UAE and Kuwait, Argaam earlier reported.

source: argaam