Al-Babtain Power and Telecommunications Co. (Al-Babtain) said on Monday that it obtained the approval of relevant authorities for the restructuring of its France-based unit.
The Saudi Arabia-listed company said in a bourse statement that the plan, which will be applied over the coming three months, includes staff layoffs and organizational changes.
Al Babtain’s board of directors approved extending its contract with Prospheres Co. till Sept. 30 at a total value of SAR 1.3 million to help implement the turn around plan. The company expects to see positive results reflected in its financial results by the year’s end.
Further developments will be duly announced, the company added.
Last March, Al-Babtain signed a contract valued at SAR 3.6 million (€720.000) with Prospheres Co. to restructure its business operations in France, based on data compiled by Argaam.
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