BATIC extends Al Muhaidib, Himmah acquisition deadline to year-end

BATIC Investment and Logistics Co. (BATIC) has extended the deadline for the

buyout of Al Muhaidib Land Transport Co. and Himmah Logistics Company to Dec. 31,

2018, the company said in a bourse filing.

There is no relevant financial impact from the deadline extension.     

In April, BATIC signed an agreement with Abdulkadir Al Muhaidib and Sons and Himmah

Group to fully acquire Al Muhaidib Land Transport Co. and Himmah Logistics Company.

Abdulkadir Al Muhaidib and Sons fully owns Al Muhaidib Land Transport and owns an 80 percent stake in Himmah Logistics, while Himmah Group owns 20 percent.

In May, BATIC revealed that it will issue over 9.33 million shares in order to finance the purchase of companies and assets.