Batic’s Mubarrad signs MoU to buy 100% of AFKAR Logistics

Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co. signed, on March 9, a memorandum of understanding (MoU) with AFKAR Logistics Co., a limited liability company, to fully acquire the latter through its subsidiary, Saudi Transport and Investment Co. (Mubarrad).

The MoU is valid for six months from the signing date, Batic said in a statement to Tadawul.

It aims to define the framework of understanding the primary mutual obligations and rights of the two parties regarding the acquisition process. The implementation of the MoU will be in accordance with the proposals and agreements submitted by both parties.

There are no related parties to the deal, Batic added, expecting no financial impact at present.

The deal comes in line with the strategic plans of Batic, which owns Mubarrad that serves the first mile business, and also provides delivery services to clients (B2B). Batic supports Mubarrad expansion plans to raise the volume of its local investments by aligning its growth plan with the objectives of the National Industrial Development and Logistics Program (NDLP), a program of Vision 2030.

AFKAR targets the scope of the last-mile business that provides delivery services to the final consumer (B2C), in addition to its expansion plans through its existing business in supporting the e-commerce sector growth, and providing consulting services in the logistics sector

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