BATIC cancels LOI to buy Tadares Najed, Etqan

30/04/2018 Argaam

Batic Investment & Logistics Co. on Apr. 30 has canceled a letter of intent (LOI) to fully acquire Tadares Najed Securities Co. (TNS) and Etqan Facility Management Co., the company said in a bourse statement.

 

Last October, the company submitted a non-binding LOI to take over both companies, Argaam reported.

 

Meanwhile, BATIC also terminated a contract for sale of a 15 percent stake in AMNCO to Omar Kassem Alesayi Investments Co., the company added in a separate statement.  

 

The contract was terminated as the two firms failed to obtain the regulatory approval, with no liabilities on both parties.

 

The deal was signed on January 1, 2017 at a total value of SAR 150 million.

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