National Building cancels MoU to buy 50% stake in German Saudi Industrial

16/03/2021 Argaam

National Building and Marketing Co. (NBM) announced today, March 16, 2021, the cancellation of the memorandum of understanding (MoU) for purchase of 50% stake of German Saudi Industrial Co., for SAR 200 million.

 

The company cited lack of agreement between the parties for cancellation of the agreement.

 

The company signed the MoU in February 2020 to purchase the 50% stake in German Saudi Industrial Co., as part of its strategy to diversify investments in industrial production projects

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