Al Babtain Power and Telecommunication company announces the sale of part of Petitjean France (owned 51% by Al Babtain Power and telecommunication)
| Element List | Explanation |
|---|---|
| Introduction | Al Babtain Power and Telecommunication company announces the sale of part of Petitjean France (owned 51% by Al Babtain Power and telecommunication) |
| Transaction Details | Al-Babtain Power and Telecommunications Company and Portuguese Metalogalva Company agreed that the Portuguese Metalogalva Company would acquire an additional 26% to the 49% owned by Petitjean France Company, bringing the total ownership percentage of the Portuguese Metalogalva Company to be 75% of the shares of Petitjean (owned by 51% of Al-Babtain Powe and Communications Company in France), whereby Al-Babtain Power and Telecommunications Company will own 25% of the shares of Petitjean France. |
| Transaction Value | SR 3,740,000 (941,000 Euros). |
| Transaction Terms | The transaction conditional on the approval of the regulatory authorities in the State of France |
| Parties of the Transaction | Al babtain Power and Telecomunication Company and Portuguese Metalogalva Company |
| Transaction Funding Method | N/A |
| Transaction Execution Date | 2023-02-28 Corresponding to 1444-08-08 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Petitjean Company is a French company and works in the manufacture and production of steel towers and lighting poles |
| Asset Book Value | SR 2,146,000 |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Attached financial statement for three years by english Languge due it is French company |
| Transaction reasons | The sale is a part of company’s capital recycling strategy and exit from Petitjean France |
| Expected Impact of the Transaction on the Company and Its Operations | The transaction is not expected to result in any material financial impact to the Company. |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be used for general corporate purposes |
| Related Parties | Portuguese Metalogalva Company is the 40% shareholder in Al-Babtain Metalogalva Co. Ltd., a subsidiary of Al-Babtain Power and Telecommunications Company in the Kingdom of Saudi Arabia. The owners of Al-Babtain Metalogalva, Portuguese are members of the Board of Directors of Al-Babtain Metalogalva Ltd.
The Portuguese Metalogalva Company owns 49% of the shares of Al-Babtain France. |
| Attached Documents |  |
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