National Building & Marketing Co. signed a memorandum of understanding (MoU) to fully acquire Ajeej Steel Manufacturing Co. Ltd. for a total value of SAR 180 million, the company said in a bourse statement.
The MoU was signed today, Nov. 30, 2020 and is valid for three months from the signing date, the statement added.
The deal is a related party transaction as National Building’s board chairman, Fahad Al Thunayan, owns 100% shares of Ajeej.
The financial impact will be determined later, upon signing the final binding sale agreement, and will be reflected in the financial period during which the final deal will be signed.
Any updates regarding this matter will be announced in a timely manner, the company said.
The step comes within National Building’s strategy to develop its investment in the industrial projects, Al-Thunayan noted.
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