Al-Babtain signs final deal with Metalogalva to sell 49% of French subsidiary for SAR 12.5 mln

Al-Babtain Power & Telecommunication Co. signed, on Monday, the final sale and purchase agreement as well as the shareholders' agreement to sell 49% of Al-Babtain France to Portuguese Metalogalva for SAR 12.5 million (EUR 3 million).

As per the deal, Al-Babtain’s stake in the French subsidiary accounts for 51% or 3.06 million shares, while Metalogalva holds the remaining 49% or 2.94 million shares, the company said in a bourse statement.

In December 2019, Al-Babtain signed a binding MoU to sell 49% of Al-Babtain France to Portuguese Metalogalva for EUR 3 million (SAR 12.5 million), according to data compiled by Argaam.

Metalogalva owns a 40% stake in Al-Babtain Metalogalva Limited, a subsidiary of Al-Babtain Saudi Arabia.