Riyadh – Mubasher: Al Babtain Power and Telecommunication Company extended the memorandum of understanding (MoU) previously signed with the Saudi Egyptian Industrial Investment (SEII) for three months until 28 January 2021 for the sale of a stake in its Egyptian unit. 

The two parties agreed to extend the MoU until the finalisation of the legal measures related to the purchase and sale agreement under the same conditions mentioned in the letter of intent (LoI) previously approved by the two companies, the company said a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

In December 2019, Al Babtain said that its subsidiary in Egypt, Al Babtain Power and Telecom Egypt, received a LoI from SEII which expressed its intent to acquire a stake in the Egyptian unit.