National Building approves Ajeej Steel’s acquisition for SAR 180 mln

03/01/2021 Argaam

National Building & Marketing Co.

National Building & Marketing Co.’s (NBM) shareholders approved the acquisition of 100% of Ajeej Steel Co. for SAR 180 million, the company said in a bourse filing.

 

The decision came during the company’s general meeting held on Dec. 31, 2020, where the shareholders approved all transactions with the steel company, which will be concluded during 2020-2021.

 

Fahd Al-Thunayan, a board member in Ajeej Steel, is a related party.

 

No related preferential provisions for the deal were provided, the statement added.

 

In November 2020, the Nomu-listed firm inked a memorandum of understanding (MoU) to fully acquire Ajeej Steel Co. Ltd. for a total value of SAR 180 million, Argaam reported.

 

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