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SAIC extends initial deal on selling stake in Alsalam Aerospace

SAIC extends initial deal on selling stake in Alsalam Aerospace
This deal will be effective for six months
SAIC
2120
-0.76% 13.00 -0.10

Riyadh – Mubasher: Saudi Advanced Industries Co (SAIC) has extended an initial memorandum of understanding (MoU) over selling a stake in Alsalam Aerospace Industries Company.

This deal extension followed a preliminary purchase proposal on 10 December 2018 regarding SAIC’s 10% equity in Alsalam Aerospace Industries Company, according to a bourse disclosure on Sunday.

SAIC noted that this deal will be effective for six months until 10 April 2020 to proceed with all requirements to reach a final agreement.

The Tadawul-listed company noted that this deal extension will not have a financial impact, yet SAIC will announce any updates in the future.