Riyadh-Mubasher: Saudi Transport and Investment Co. (Mubarrad) has renewed two memoranda of understanding (MoUs) with Abdulkader Al Bakri & Sons Holding Co. (Al Bakri) for another 30 days from 12 December 2015.
The first memorandum is to sell Mubarrad’s stake in its subsidiary Arabian Security & Safety Services Co. (AMNCO) to Al Bakri. The second is related to Mubarrad’s plans to acquire a major stake in International Seas Co., which is one of Al Bakri’s subsidiaries.
The renewal is aimed at ensuring due diligence and a completing evaluation of proposed deals.
Mubarrad had earlier acquired a 95% stake in AMNCO at a total value of SAR 180.3 million.
