Al-Babtain, SEII extend stake purchase MoU for 3 additional months

Al-Babtain Power and Telecommunication Co. said its Egypt-based unit, Al Babtain Power and Telecommunication Egypt, extended the memorandum of understanding (MoU) signed with Saudi Egyptian Industrial Investment Co. (SEII) for three months for the third time until Jan. 28, 2021.

The deal is extended as more time is needed to finalize the legal measures pertaining to the buy/sell agreements at the same terms and provisions mentioned in the letter of intent (LoI) inked between both parties, the company said in a bourse filing.

There is no financial impact from the MoU extension and further updates will be announced in due course, the statement added.

In December 2019, Al-Babtain said that its subsidiary in Egypt signed a LOI with SEII to sell a stake in the Egypt-based company through capital hike, according to data compiled by Argaam.