Riyadh – Mubasher: Al Babtain Power and Telecommunication Company announced the termination of the acquisition talks between its subsidiary Al Babtain Power and Telecom Egypt and the Saudi Egyptian Industrial Investment (SEII).

The company said the discussions were stopped due to unstable economic conditions caused by the coronavirus (COVID-19) pandemic, according to a statement to the Saudi Exchange Tadawul on Sunday.

The companies did not agree on some legal points of subscription and shareholder agreement.

Al Babtain will continue to study the possibility of offering a stake of its Egyptian unit on the Egyptian Exchange (EGX).

In December 2019, Al Babtain said that its subsidiary in Egypt received a letter of intent (LoI) from SEII which expressed its intent to acquire a stake in the Egyptian unit.