BATIC signs final deal to acquire SAR 200 mln assets

28/05/2018 Argaam

 

BATIC Investment and Logistics Co. (BATIC) on Sunday signed a final purchase agreement with UAE-based firms Abdullah Abbar & Sons Cold Stores (ACS), Dar Al Abbar Ltd., Abdulrahman Abdullah Abbar and Sons Ltd., as well as subsidiary Batic Real Estate, to acquire a number of properties for SAR 200 million.

 

The assets include commercial properties and land plots located in both the UAE and Saudi Arabia.

 

The company plans to finance the deal by a cash payment of SAR 80 million and issuing SAR 120 million worth of shares to Abdulrahman Abdullah Abbar and Sons Ltd.

 

The cash amount could be amended according to the deal’s terms and conditions, the firm said.

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