Al-Babtain Power and Telecommunication Co. said its Egypt-based unit, Al Babtain Power and Telecommunication Egypt, extended the memorandum of understanding (MoU) signed with the Saudi Egyptian Industrial Investment Co. (SEII) for the second time until October 28, 2020, according to a bourse filing on Tuesday.
The deal was extended to complete the legal drafting of the buy/sell agreement, in addition to the shareholders agreement at the same terms and provisions mentioned in the letter of intent (LoI) inked between the parties.
There is no financial impact from the MoU extension and further updates will be announced in due course, the statement added.
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