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Batic acquires 40% equity in subsidiary

Batic acquires 40% equity in subsidiary
Batic's acquisition will be in cash consideration
-2.48% 45.30 -1.15

Riyadh – Mubasher: Batic Investments and Logistics Company has acquired 40% of the capital of its subsidiary AlShifa Technology Company, according to a bourse filing on Tuesday.

The value of the transaction stood at SAR 40,000, which is the current book value of the company.

Batic said the acquisition is in cash consideration and will be funded from the company’s own resources.

Earlier this month, Batic’s board recommended a capital increase by SAR 300 million through a rights issue.