Budget Saudi acquires 51% of Unitrans Infotech Services India for SAR 2.9 mln

26/01/2020 Argaam

 

United International Transportation Co. Ltd.’s (Budget Saudi) board of directors decided to acquire the remaining 51% stake in its affiliate Unitrans Infotech Services India from India’s Gemini Software Solutions at a total value of SAR 2.9 million.

 

Following the acquisition, Budget Saudi will be holding a 100% stake in Unitrans Infotech, which owns the intellectual rights of the company’s technical program, the car rental firm said in a bourse statement.

 

The step aims at protecting the intellectual rights of Budget Saudi’s technical program used in its operations and further developing it.

 

The deal is not expected to have an impact on financial statements, the Saudi-listed firm added. In November 2015, United International Transportation Co. (Budget Saudi) sold a 51% stake in its subsidiary Unitrans Infotech Services India to India’s Gemini Software Solutions at a total value of SAR 2.94 million, according to data compiled by Argaam.

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