United International Transportation Company (Budget Saudi, 4260.SE) has renewed its franchise agreement with Budget International for ten more years until 2026, effective as of 1Q2017. Budget Saudi signed the agreement with Zodiac Europe Ltd, the company that owns Budget’s franchise in the Middle East, Africa and Europe. Budget Saudi has been operating under the “Budget” brand since its establishment in 1978 based on its franchising agreement that gives the company the right to use the Budget brand and systems in Saudi. The renewal came with better terms for Budget (not detailed) with the prior agreement due for expiry in 4Q2016. (Company Disclosure)   Budget Saudi: SAR36.09 as of 4 February 2016, Rating: Buy, FV: SAR67.00 per share, MCap: USD489 million, BUDGET AB / 4260.SE