Mubarrad terminates MoUs with Al-Bakri

Saudi Transport and Investment Co. (Mubarrad) has terminated a memorandum of understanding (MoU) related to Mubarrad’s plans to acquire a major stake in International Seas Co., a subsidiary of Abdulkader Al-Bakri & Sons Holding Co.

The Saudi transport services provider said in a statement to Tadawul that both parties did not reach an agreement.

Mubarrad also terminated another MoU related to the sale of a stake in its subsidiary Arabian Security & Safety Services Co. (AMNCO) to Al-Bakri & Sons Co.

Last September, the Saudi-listed firm had signed a 90-day MoU to own a 10-40 percent stake in International Seas Company—one of Al-Bakri’s subsidiaries— which operates in the transportation of oil products, according to data available on Argaam.

Mubarrad acquired a 95 percent stake in AMNCO at a total value of SAR 180.3 million in 2015.