National Building inks three MoUs to set up education, IT, medical equipment firms

National Building & Marketing Co. (NBM) announced in a bourse filing a change in founding shareholders, in line with the board of directors’ approval last Tuesday of establishing three new firms in the fields of education, information technology (IT), and medical equipment.

The company inked a memorandum of understanding (MoU) with Badiha Education Consultancy to establish a Riyadh-based closed joint-stock company, capitalized at SAR 500,000. The new entity will set up and operate international as well as national schools, educational institutes, and training centers. The new entity’s ownership structure will be divided between NBM (75%, to be financed from the company’s revenue) and Badiha (25%).

Badiha Education Consultancy is based in New Zealand and is registered at the Saudi Ministry of Investment.

Other MoUs were sealed with Mlogica, Inc., located in the United States and is part of the IT services industry, and India-based Aptex Comtrade Private, specialized in IT and data transmission.

Updates will be duly revealed over the next three months.

In August, NBM said it would establish three Riyadh-based, closed joint-stock companies, in line with the board’s decision dated Aug. 6, 2020.