Saudi Industrial Exports ends MoU to acquire contractor

31/07/2017 Argaam

Saudi Industrial Exports (SIECO) has terminated the memorandum of understanding signed in February to buy a 100 percent stake in TAAQAAT Technical Co. for Contracting without reaching an agreement, the company said in a statement to Tadawul.

 

Negotiations and procedures related to the acquisition have been halted without any liabilities to either party, the company added.

 

In February, SIECO had signed the six-month MoU to buy the stake via a share swap deal as SIECO would issue new shares to TAAQAAT shareholders via a capital increase, Argaam reported.

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