Al-Babtain Power & Telecommunication Co. (Al-Babtain) sold a 50 percent stake of its fully owned subsidiary, International Wind Power LLC, to a Spanish investment company for SAR 2.5 million.
The two parties, now 50-50 owners, said they would raise the company's capital to SAR 16.8 million from a current SAR 5 million, Al-Babtain said in a statement to Tadawul. The capital increase seeks to support the company’s financial position.
No related parties are engaged in the deal, and financial impact is expected to be reflected in early 2019. Regulatory approval has yet to be obtained.
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