Al-Babtain Power and Telecommunication said its subsidiary in Egypt signed today, Dec. 2 a letter of intent (LOI) with Saudi Egyptian Industrial Investment Co. (SEII) to sell a stake in the Egypt-based company to SEII through capital hike.
The two parties agreed on the initial value of the deal, while the final value will be determined following the completion of the necessary due diligence by SEII, the company said in a statement to Tadawul.
Meanwhile, Al-Babtain Egypt will review the regulatory requirements in the country.
The letter of intent is valid for 4 months from the date of signing, renewable, Al-Babtain said, expecting no financial impact from the deal.
The move is part of Al-Babtain’s evaluation of its subsidiary, ahead of floating its shares in the Egyptian Stock Exchange (EGX).
Relevant updates will be announced later on, Al-Babtain said, adding that no related parties are involved in the deal.
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