National Building closes acquisition of Ajeej Steel for SAR 180 mln

17/03/2021 Argaam

Logo of National Building & Marketing Co.

National Building & Marketing Co. (NBM) completed the full acquisition of Ajeej Steel Manufacturing Co. Ltd. for a total value of SAR 180 million, the company said in a bourse statement.

 

NBM signed a memorandum of understanding (MoU), on Nov. 30, 2020, to acquire 100% of Ajeej Steel, Argaam reported.

 

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

 

The acquisition is part of NBM’s strategy to develop its investments in industrial projects.

 

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