National Building extends MoU to fully acquire Etihad Al Kharj for 3 months

National Building and Marketing Co. (NBM) extended a memorandum of understanding (MoU) to fully acquire Etihad Al Kharj Metal Casting Co. for 3 months until Sept. 7, 2020.

The extension came after the completion of legal requirements under the same terms and conditions approved by both parties in the letter of intent, the company said in a bourse statement on Sunday.

The MoU extension was driven by the precautionary measures adopted by the Kingdom to curb the COVID-19 outbreak, NBM noted, adding that any related developments will be disclosed in due course.

Last February, NBM inked an MoU with Etihad Al Kharj to fully acquire the latter for SAR 20 million, Argaam reported.