Batic extends MoU to acquire logistics firms to May 31

02/01/2018 Argaam

 

Batic Investment and Logistics Co. (BATIC) has extended the memorandum of understanding (MoU) signed with Abdulkadir Al Muhaidib and Sons and Himmah Group to May 31, 2018, in order to finalize the related documents, the company said in a statement to Tadawul.

 

Batic in September inked the MoU to fully acquire Al Muhaidib Land Transport Co. and Himmah Logistics Company.

 

Ninety percent of the due diligence process for the acquisitions is complete, the statement added.

 

Abdulkadir Al Muhaidib and Sons owns a 10 percent stake in Al Muhaidib Land Transport, while the remaining 90 percent is owned by Al Muhaidib Holding Co.

 

Abdulkadir Al Muhaidib also owns an 80 percent stake in Himmah Logistics, while Himmah Group owns 20 percent.

 

 

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