BATIC Signs MoU to Acquire All Owners’ Shares in AFKAR Logistics

BATIC Investments & Logistics Company announced the signing of Memorandum of Understanding (MoU) with AFKAR Logistics Company, a limited liability company, in order to acquire all the shares of the owners of AFKAR Logistics Company, through its subsidiary, the Saudi Transport and Investment Company “Mubarrad”.

The company said in a statement that there are no related parties among MOU parties and there is no financial impact currently.

It added that this memorandum aims to define the framework of understanding the primary mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation will be in accordance with the proposals and understandings submitted and approved by the two parties.

This deal comes as a continuation of the strategic direction of BATIC Investments & Logistics Company, owner of Mubarrad, whose business aims to serve the First Mile, which provides delivery services to the client (B2B), as it supports its expansion plans to raise the volume of its local investments. This is done by aligning its growth plan with the objectives of the National Industrial Development and Logistics Program (NDLP), one of the Vision 2030 programs, which will enhance the company’s position in providing logistics services at the national and regional levels.

Given that Afkar targets the scope of the last mile business that provides delivery services to the final consumer (B2C), in addition to its expansion plans through its existing businesses in supporting the growth of the e-commerce sector, and providing consulting services in the logistics sector, taking into account the accumulated global experience of the group of experts working in the company. In addition, it has achieved outstanding growth and results over the past three years.