Riyadh – Mubasher: Al Babtain Power and Telecommunication Company has extended the memorandum of understanding (MoU) signed with Portugal’s Metalogalva to acquire a 49% stake in Al Babtain France for EUR 3 million (SAR 12.21 million).

Al Babtain and Metalogalva have agreed to extend the MoU for two more months, until 23 April 2020, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Extending the agreement comes as the legal terms of the deal have not been finalized, as well as the shareholders’ agreement.

It is worth noting that Al Babtain France is a wholly-owned subsidiary of Al Babtain Power and Telecommunication.