BATIC calls off an agreement to acquire assets

BATIC Investment and Logistics Co. has signed a cancellation and final settlement agreement with UAE-based firms Abdullah Abbar & Sons Cold Stores (ACS), Dar Al Abbar Ltd. and subsidiary BATIC Real Estate to cancel an earlier agreement for acquiring assets.

Under the cancellation agreement the purchase agreement is called off as of today and all the parties have no rights or obligations towards each others, the company said in a statement on Tadawul.

The agreement is a final settlement where Abdullah Abbar & Sons Cold Stores (ACS), Dar Al Abbar Ltd. have discharged BATIC and BATIC Real Estate from liabilities or losses that may result from the cancellation of the deal.

No financial impact will result from the cancellation of the deal, the statement added.

Last May, BATIC Investment and Logistics Co. (BATIC) 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, according to data available on Argaam.