BATIC extends deadline to acquire three firms until Mar. 31

BATIC Investment and Logistics Co. on Dec. 31, 2018 extended agreements to acquire three firms until Mar. 31, 2018, the company said in a bourse statement to Tadawul.

BATIC extended the deadline for buying out Al Muhaidib Land Transport Co. and Himmah Logistics Company, as well as minority rights in Arabian Security & Safety Services Co. Ltd (AMNCO).

There is no relevant financial impact from the deadline extension.

The deal is subject to the Capital Market Authority's (CMA) approval on BATIC's capital increase, the statement added.  

The company had earlier agreed with sellers in a number of acquisition deals to issue over 9 million new shares in order to finance the purchase of these assets.

Last April, the logistics firm signed an agreement to buy the remaining 5.12 percent stake in Arabian Security & Safety Services Co. Ltd (AMNCO), Argaam reported.

It also extended the deadline for buying out Al Muhaidib Land Transport Co. and Himmah Logistics Company to Dec. 31,2018.

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.