National Building signs MoU to fully acquire Ajeej Steel for SAR 180 mln

30/11/2020 Argaam

National Building & Marketing Co. signed a memorandum of understanding (MoU) to fully acquire Ajeej Steel Manufacturing Co. Ltd. for a total value of SAR 180 million, the company said in a bourse statement.

 

The MoU was signed today, Nov. 30, 2020 and is valid for three months from the signing date, the statement added.

 

The deal is a related party transaction as National Building’s board chairman, Fahad Al Thunayan, owns 100% shares of Ajeej.

 

The financial impact will be determined later, upon signing the final binding sale agreement, and will be reflected in the financial period during which the final deal will be signed.

 

Any updates regarding this matter will be announced in a timely manner, the company said.

 

The step comes within National Building’s strategy to develop its investment in the industrial projects, Al-Thunayan noted.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.