Al Babtain extends non-binding offer to buy founding stake in company

Al-Babtain Power and Telecommunication Co. has extended its non-binding offer to acquire a founding stake in a manufacturing company in Riyadh for a month until Feb. 7, it said in a filing to Tadawul.

The statement did not name the target company or indicate the size of the potential stake.

On Dec. 7 the company had submitted the initial offer. The target company, which is still under establishment, will manufacture technical coated fabrics and processed aluminum plates, Al Babtain had then said.

Al Babtain makes telecom and electricity transmission and distribution towers.