Al-Babtain Power agrees to buy Qatari al-Babtain construction for 200 million Qatari Riyal

15/09/2014 Argaam

Saudi Arabia’s al-Babtain Power & Telecommunication Co agreed on Sept 14 with al-Babtain Construction to buy its limited liability company in Qatar, al-Babtain Construction, for 200 million Qatari riyal, the company said in a statement to the Saudi bourse, Tadawul.

The deal will be self-financed and the financial impact of the contract will be reflected within 3 years. The purchase will help al-Babtain expand into new markets in the Gulf and the new company’s main activities are in the electric, mechanical and electronic fields.

The agreement is yet to be approved by al-Babtain’s board.

Al-Babtain Power  manufactures steel, lighting poles, high masts, stadium masts and monopoles. It operates high voltage transmission and communication towers plants in Saudi Arabia and Egypt.

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