BATIC to issue over 9 mln shares to acquire assets

BATIC Investment and Logistics Co. (BATIC) on Sunday agreed with sellers in a number of acquisition deals to issue over 9 million new shares in order to finance the purchase of companies and assets.

BATIC plans to issue 9.33 million shares through a capital hike to SAR 393.3 million from SAR 300 million.

The move will increase shares to 39.33 million shares from 30 million shares.

BATIC has earlier announced signing acquisition deals with the following firms:

1) Al Muhaidib Holding Co. and Abdulkadir Al Muhaidib and Sons to fully acquire Al Muhaidib Land Transport Company.

2) Abdulkadir Al Muhaidib and Sons and Himmah Group to fully acquire Himmah Logistics Company.

3) BATIC signed agreements with a number of shareholders to buy a 5.12 percent stake in Arabian Security & Safety Services Co. Ltd (AMNCO), which would make it the sole owner of the security firm.

4) 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 SAR 200 million worth of assets.