RIYADH: United International Transportation Co., or Budget Saudi, is in initial talks to acquire stakes in Overseas Development’s subsidiaries in Saudi Arabia, UAE, and Kuwait.
The potential acquisition will be completed through Aljozoor Alrasekha Trucking Co., a wholly owned unit of Budget Saudi, which signed a memorandum of understanding to buy a 70 percent stake in each subsidiary, according to a bourse filing.
The move is subject to completing due diligence work, final negotiations between parties, and obtaining the necessary regulatory approvals.
Overseas Development carries out logistics and shipping activities across Saudi Arabia, the UAE, and Kuwait.