Mubarrad inks MoU with Al-Bakri to sell stake in AMNCO

Saudi Transport & Investment Co. (Mubarrad) has signed a memorandum of understanding (MoU) to sell a stake in its subsidiary Arabian Security & Safety Services Co. (AMNCO) to Abdulkader Al-Bakri & Sons Holding Co.

The stake will cover between 10- 40 percent of AMNCO’s capital, Mubarrad said in a statement to Tadawul.

Mubarrad also signed another 90-day MoU to own a 10-40 percent stake in International Seas Company—one of Al-Bakri’s subsidiaries— which operates in the transportation of oil products.

Mubarrad pointed out that its board member Fawaz bin Abdulsattar Al-Almi is a board member at Al-Bakri.

The transportation services provider said it will make further announcements in due time.

Earlier this year, Mubarrad acquired a 95 percent stake in AMNCO at a total value of SAR 180.3 million.