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

Al-Babtain Power and Telecommunication Co. has submitted a non-binding offer to acquire a founding stake in a manufacturing company in Riyadh on Monday.

The target company, which is still under establishment, will manufacture technical coated fabrics and processed aluminum plates, Al Babtain said in a filing to the Saudi bourse.

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

Al Babtain makes telecom and electricity transmission and distribution towers.

The offer is valid for a period of one month from the signing date, during which Al-Babtain will perform a due diligence test through an independent consultant to evaluate the deal’s price.

The purchase is not a related party transaction and will be financed from the company’s internal resources, the company added.