الشـــركــة المتحـــدة للأوراق الماليــــــة
ALMOTAHIDA LLAWRAQ ALMALIA CO.
Budget Saudi’s EGM to vote on issuing new shares to acquire AutoWorld on June 24
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. (Auto World).
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 shares |
|
Budget Saudi Capital Post-Acquisition |
SAR 781.67 mln |
|
Budget Saudi Shares Post-Acquisition |
78.17 mln shares |
|
Total Increase (In Nominal Value) |
SAR 70 mln |
|
No. of New Shares |
7 mln |
|
Ratio of Increase |
9.84% |
|
Budget Saudi Share Value for Acquisition Purpose |
SAR 65 |
|
Total Value of Autoworld Shares |
SAR 455 mln |
|
Stake of Budget Saudi Shareholders Post-Merger |
91.04% of the company’s capital |
|
Stake of Autoworld Owner Post-Merger |
8.96% of the company’s capital |
The statement clarified that the effective date of capital hike will follow the completion of transferring the AutoWorld shares to Aljozoor Alrasekha Trucking Company (Rahaal), a subsidiary of Budget Saudi.
In August, Budget Saudi signed a non-binding memorandum of understanding (MoU) with SEDCO to fully acquire its subsidiary, AutoWorld, by issuing shares to the subsidiary owner, Argaam reported earlier.
