Batic terminates MoU for AFKAR Logistics takeover on disagreement

Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co. announced today, June 2, terminating a memorandum of understanding (MoU) to fully acquire AFKAR Logistics Co., a limited liability company.

This was due to failure to reach an agreement between the parties involved in completing the transaction. The MoU was terminated without any claims, responsibilities or obligations on all parties, Batic said in a statement to Tadawul.

In March, Batic signed a MoU with AFKAR Logistics to take over the latter through its subsidiary, Saudi Transport and Investment Co. (Mubarrad). 

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