Budget Saudi issues shareholder circular on issuing new shares to acquire AutoWorld 77

United International Transportation Co. (Budget Saudi) issued today, June 5, the shareholder circular with regard to raising capital by issuing new shares, for the purpose of fully acquiring Al Jazira Equipment Co. Ltd. (AutoWorld).

The company will increase capital from SAR 711.67 million to SAR 781.67 million, through issuing 7 million ordinary shares, at SAR 10 each, for the purpose of fully acquiring AutoWorld.

The purpose of the capital increase is to fully acquire AutoWorld's capital, amounting to 300 cash shares at a nominal value of SAR 1,000 each, in exchange for Budget Saudi issuing 7 million new ordinary shares at a nominal value of SAR 10 per share “compensation shares” for the benefit of Saudi Economic and Development Holding Co., “the selling shareholder,” with a number of 3.91 million new shares, and First Development Investment Co. (Tanmiyah), a wholly-owned subsidiary of SEDCO, with a number of 3.09 million new shares.