BATIC to issue over 9 mln shares to acquire assets

28/05/2018 Argaam

 

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.

 

Details of Capital Hike

Current Capital

SAR 300 mln

New issued shares

30 mln shares

New shares

9.33 mln

New Capital

SAR 393.32 mln

New number of shares

39.33 mln shares

Al Muhaidib Holding,  Abdulkadir Al Muhaidib & Sons and Himmah Group’s ownership percentage

13.55%

AMNCO shareholders’ ownership percentage

2.99%

Sellers ownership percentage in Abbar deal’s

7.18%

BATIC Shareholders’ ownership percentage

76.30%

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