Riyadh – Mubasher: Saudi Transport and Investment (Mubarrad) announced on Tuesday the termination of a memorandum of understanding (MoU) to sell a stake in its subsidiary Arabian Security & Safety Services Co. (AMNCO) to Abdulkader Al-Bakri & Sons Holding Co.

Both parties agreed on the termination without imposing any obligation on any party, according to a bourse filing on Wednesday.

The Saudi-listed company has also terminated a MoU to acquire a major stake in International Seas Co., a subsidiary of Abdulkader Al-Bakri & Sons Holding Co., as both parties did not reach an agreement.

The transport company had signed a 90-day MoU in September, to acquire a 10-40 percent stake in International Seas Company, which operates in the transportation of oil products.

Moreover, Mubarrad appointed Albilad Capital on Tuesday as its financial adviser for the book running of its subsidiary Amnco.