Hourani advises on acquisition of Autoworld via Tadawul Share Swap

Hourani & Partners advised United International Transportation Co. (Budget Saudi) with respect to its obtaining the Capital Market Authority’s (CMA) approval to increase Budget Saudi’s capital from SAR 711,666,680 to SAR 781,666,680 by issuing SAR 7m ordinary shares to acquire all shares of Al-Jazira Equipment Company Limited (AutoWorld), through its subsidiary Aljozoor Alrasekha Trucking Co (Rahaal).

In December 2023, Budget Saudi and the Saudi Economic and Development Holding Company (SEDCO) signed a significant share purchase and subscription agreement, whereby SEDCO had undertaken to sell all its shares in AutoWorld to Rahaal in exchange for newly issued shares in Budget Saudi.

The transaction was led by partner Hayel Hourani, with support from team members Mine Sekmen, Mustafa Kamal*, Khalid Alhamdan*, Shakir Mabrur, Lea Hage Chahine and Sophia Niazi.