Riyadh – Mubasher: Saudi Arabia-based Batic Investments and Logistics Co (BATIC) extended a memorandum of understanding (MoU) with Abdulkadir Al Muhaidib and Sons and Himmah Group until 31 May 2018 to complete the deal’s documents.

About 90% of the due diligence of the acquisitions was completed, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).

Based on the firm’s previous statement, the company aims to end the transaction ahead of December 2017 after obtaining regulatory approvals.

Abdulkadir Al Muhaidib and Sons owns a 10% stake in Al Muhaidib Land Transport, while Al Muhaidib Holding Co. acquires the remaining 90% stake.

Abdulkadir Al Muhaidib and Sons owns 80% in Himmah Logistics, while Himmah Group controls 20% stake.

By 11:36 am KSA time, the company’s stock shed 0.30% to SAR 56.