National Building terminates MoU to fully acquire Etihad Al Kharj

National Building & Marketing Co. canceled the memorandum of understanding (MoU) it signed, on Feb. 13, with Etihad Al Kharj Metal Casting Co. as the two parties failed to implement the acquisition terms, the company said in a filing to Tadawul.

On Sept. 20, National Building stated that it extended the MoU to acquire a 50% stake in German Saudi Industrial Co. for SAR 200 million and fully acquire Etihad Al Kharj Metal Casting Co., for three months until Dec. 7, 2020, according to data compiled by Argaam.

The company will announce further developments in due course.