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.

The binding agreement signed between the two firms on 23 February 2020 at a value of EUR 3 million, has been extended for two more months to 23 June 2020, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The extension comes due to precautionary measures by European countries against the coronavirus (COVID-19) pandemic.