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Budget Saudi subsidiary wraps majority stake acquisition in UAE arm of Overseas Development: Aljozoor Alrasekha Trucking (Rahaal), a subsidiary of vehicle rental firm United International Transportation Company (Budget Saudi), has finalized the acquisition of a 70% stake in the Emirati arm of freight forwarder Overseas Development Company for AED 7.8 mn, after negotiating down the original AED 13.3 mn consideration, according to a disclosure to Tadawul released on Thursday.
REMEMBER- Rahaal signed a sale and purchase agreement with Overseas Development earlier this year for the transaction.
Snapping up stakes: Rahaal acquired a 70% stake in Overseas Development’s Saudi subsidiary in November 2023, having inked back in July 2022 an MoU that could also see it take a stake of the same size in Overseas’ Kuwait unit.
About Overseas Development: Founded in 1976 in Jeddah, Overseas Development provides industry-specific logistics, shipping, and freight services across Saudi Arabia, Kuwait, the UAE, and Lebanon. The company also offers customs brokerage and ins. services for its sea, land and air shipments, according to its website.
About Rahaal: The fully owned Budget Saudi subsidiary provides commercial vehicles leasing, transport, and logistics services to clients in Saudi Arabia, according to its LinkedIn. The outfit caters to the FMCG, courier, manufacturing, energy, container movement, and other markets.
