Riyadh – Mubasher: Saudi Advanced Industries Co. (SAIC) on Thursday announced the extension of an initial memorandum of understating (MoU) to sell one of its investments.
The MoU was extended for two months ending on 10 June to complete several procedures required for signing the final agreement, according to a statement to the Saudi Stock Exchange (Tadawul).
SAIC noted that extending the MoU will have no financial impact.
In December, SAIC signed a four-month MoU at a value of SAR 100 million ($26.67 million) to sell its 10% stake in Alsalam Aerospace.
By 11:10 am Saudi time, SAIC’s stock fell 0.42% to SAR 14.06.