Riyadh – Mubasher: Saudi Arabia-based BATIC Investment and Logistics Company has announced purchasing a SAR 33.5 million commercial building owned by Jazan Development Company (Jazadco).

The transaction will be financed through loans provided by the Arab National Bank, according to a statement to the Saudi Stock Exchange (Tadawul).

Batic stated that the deal’s financial impact will appear in its earnings statements during the first quarter of 2019.

Jazadco indicated that selling this facility aims to obtain enough liquidity for higher-income projects.

Batic’s stock levelled down 1.43% to SAR 38, while the stock of Jazadco went up 0.43%, reaching SAR 14.02 by the end of Thursday’s trading session.