BATIC submits LoI to acquire two companies

Batic Investment & Logistics Co. has submitted a non-binding letter of intent (LoI) to fully acquire Tadares Najed Securities Co. (TNS) and Etqan Facility Management Co., the company said in a bourse statement.

The LoI will be followed by negotiations and the signing of a non-binding memorandum of understanding (MoU), which will include all the details of the deal.

BATIC will then perform due diligence and fulfill the regulatory requirements necessary to complete the deal, the firm added.

The transaction aims to expand the Saudi company’s business, diversify investments, and support future plans.

TNS, which is fully owned by Salman Alhokair, provides private security guards and safety services.

Meanwhile, Etqan offers facilities management services and has contracts with many major companies in Saudi Arabia, including Arabian Centers Co.

The company is 60 percent-owned by Fawaz Abdulaziz AlHokair Real Estate Co. and 40 percent-owned by FAS Construction Co.