Al-Babtain delivers initial buyout bid to El-Sewedy

30/06/2013 Tadawul
Al-Babtain Energy and Telecommunication submitted an unbinding bid on June 30, 2013 to acquire the net equity of Hesham Helal El-Sewedy & Partners for Steel Industries. The latter offers products including steel contracting works for factories, roads and airport premises; and the manufacturing of lighting poles and power transmission towers; and communication among others.

The deal’s value is being negotiated between partners. The bid has a set of conditions and is pending final approval of the ultimate value after Al-Babtain conducts its diligence checks of the legal, financial and technical position of the firm.

The deal will be financed by company’s internal resources. Further developments will be announced in due course.

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