Riyadh – Mubasher: Saudi Arabia-based Batic Investments and Logistics Co has signed a final agreement to take over real estate assets and land plots at an initial combined value of SAR 200 million ($53.3 million).

The deal was signed on Sunday, 27 May with Abdullah Abbar & Sons Cold Stores (ACS), Dar Al Abbar Ltd., Abdulrahman Abdullah Abbar and Sons Ltd., and Batic’s subsidiary Batic Real Estate.

The deal will be financed by a cash payment of SAR 80 million, in addition to issuing shares at a combined value of SAR 120 million, the Saudi firm noted. 

The shares are to be registered under the name of Abdulrahman Abdullah Abbar and Sons Ltd, according to the statement. 

Batic had previously reported a 57.5% decline in net profits to SAR 3.95 million in the first quarter of 2018, down from SAR 9.29 million during Q1-17.

By 11:09 am KSA time, the stock rose 1.37% to SAR 40.80.