Al-Babtain Power & Telecommunication Co. extended its binding memorandum of understanding (MoU) to sell 49% of Al-Babtain France to Portuguese Metalogalva for 2 months until June 23, 2020.
The step followed the precautionary measures taken by some European countries to fight the spread of coronavirus, which caused a delay in some regulatory procedures, the company said in a bourse statement.
The legal drafting of the sale and purchase agreement as well as the shareholders' agreement has been completed with the same terms and conditions agreed upon in the MoU.
The MoU renewal will not have a financial impact on the company’s financials, Al-Babtain said, adding that any updates will be disclosed in a timely manner.
In December 2019, Al-Babtain signed a binding MoU to sell 49% of Al-Babtain France to Portuguese Metalogalva for EUR 3 million (SAR 12.5 million), according to data compiled by Argaam.
The MoU was extended in February for 2 months.
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