Riyadh – Mubasher: Al Babtain Power and Telecommunication Company announced that its subsidiary in Egypt, Al Babtain Power and Telecom Egypt, has received a letter of intent from the Saudi Egyptian Industrial Investment Company.
The Saudi Egyptian company wants to acquire a stack in Al Babtain Egypt through a capital increase, according to a statement to the Saudi Stock Exchange (Tadawul).
An initial deal value will be agreed upon between the two companies. Afterwards, due diligence procedures are set to take place.
The agreement is valid for four months and could be renewed, the statement noted.
Al Babtain Power and Telecom Egypt capital increase is set to be through an initial public offering (IPO) to list the company stock on the Egyptian Exchange (EGX).
The Saudi-based company has signed a contract with Premiere Holding to assist with the valuation and listing of the company.