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National Metal Manufacturing and Casting Co.'s (Maadaniyah) board of directors approved, today, Oct. 3, canceling the memorandum of understanding (MoU) signed with Valco Group, due to failure to reach an agreement, the company said in a bourse statement.

 

The move does not have any impact on the company's financial statements.

 

In May 2016, Maadaniyah inked a MoU with Valco Group to set up a project for the production of valves for use in oil, gas and petrochemical fields, Argaam earlier reported.

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