Al-Babtain extends MoU with Portuguese Metalogalva by 2 months

23/02/2020 Argaam

Al-Babtain Power & Telecommunication Co. (Al-Babtain) agreed with Portuguese Metalogalva to extend the binding memorandum of understanding (MoU) for sale of 49% stake in Al-Babtain France to the latter by 2 months, the company said in a bourse filing on Sunday.

 

The extension was agreed due to non-completion of the deal’s legal draft.

 

The extension will not have any significant financial impact, Al-Babtain said, noting further developments will be announced in due course.

 

In December 2019, Al-Babtain inked a binding MoU to sell 49% of Al-Babtain France to Portuguese Metalogalva for SAR 12.5 million (EUR 3 million).

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