Al-Babtain extends offer to buy stake in manufacturing company

05/06/2016 Argaam

Al-Babtain Power & Telecommunication Co. has extended its non-binding offer to acquire a controlling stake in a Riyadh-based manufacturing company until July 4, 2016, the Saudi-listed firm said in a statement to Tadawul.

 

Any related developments will be announced in due course, it added.

 

This is the second time in which the offer was extended, as it was extended on May 23 for two weeks till June 5, 2016.

 

Earlier in May, Al Babtain submitted a final offer to acquire the controlling stake.

 

In December, Al-Babtain had submitted the initial offer. The target company, which was still under establishment, will manufacture technical coated fabrics and processed aluminum plates.

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