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‎Budget Saudi’s EGM to vote on issuing new shares to acquire AutoWorld on June 24

June 3, 2024
in Business
‎Budget Saudi’s EGM to vote on issuing new shares to acquire AutoWorld on June 24
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Budget Saudi’s EGM to vote on issuing new shares to acquire AutoWorld on June 24

Logo of United International Transportation Co. (Budget Saudi)

United International Transportation Co.’s (Budget Saudi) shareholders will vote on the board of directors’ recommendation to raise capital by issuing new shares, for the purpose of fully acquiring Al Jazira Equipment Co. Ltd. (AutoWorld).

According to a statement on Tadawul, the company will convene the extraordinary general meeting (EGM) on June 24.

Acquisition Details

Method

Budget Saudi to fully acquire AutoWorld

Consideration

Issuance of new shares to AutoWorld owner

Swap Factor

23.33 shares in Budget Saudi for every share owned in AutoWorld

Budget Saudi Capital Pre-Acquisition

SAR 711.67 mln

Budget Saudi Shares Pre-Acquisition

71.17 mln

Budget Saudi Capital Post-Acquisition

SAR 781.67 mln

Budget Saudi Shares Post-Acquisition

78.17 mln

Total Increase in Nominal Value

SAR 70 mln

No. of New Shares

7 mln

Ratio of Increase

9.84%

Budget Saudi Stock Value for Acquisition Purpose

SAR 65

Total Value of Autoworld Shares

SAR 455 mln

Stake of Budget Saudi Shareholders Post-Merger

91.04% of capital

Stake of Autoworld Owner Post-Merger

8.96% of capital

For more news and details on M&As

The statement clarified that the effective date of capital hike will follow the completion of transferring the AutoWorld shares to Aljozoor Alrasekha Trucking Co. (Rahaal), a subsidiary of Budget Saudi.

In August 2023, Budget Saudi signed a non-binding memorandum of understanding (MoU) with SEDCO to fully acquire the latter’s subsidiary, AutoWorld, by issuing shares to the subsidiary owner, Argaam reported earlier.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1732485

Tags: budgetbusinessSaudis
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