Mar 29 2012
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Further to the announcement for Al Babtain Power and Telecommunications Co filed a non-binding offer to acquire 10% of SBM Co.
Further to the announcements for Al Babtain Power and Telecommunications Co . ( Al Babtain ) on December 20, 2011 and March 4, 2012 that it has filed a non-binding offer on 28.03.2012 ending on 17/04/2012 for the acquisition of 10% interest in Saudi Building Material Company Limited ( SBM ), a Saudi company specialized in supplying high quality concrete products in the Western Region of Saudi Arabia, for an amount subject to negotiations with the sellers, which would be payable in cash. The offer is conditional to the approval of the proposed acquisition by Al Babtains board of directors, completion of a satisfactory due diligence of SBM , and the negotiation and execution of a definitive sale purchase agreement between Al Babtain and Saudi Building Material Company.
Al Babtain is one of the largest in the sector of Engineering and Manufacturing of power and telecommunication products in Saudi Arabia. The company through its expertise, innovative products and services in pace with technological advancement over half a century, has established itself as a pioneer in the field of Outdoor Lighting, Power Transmission & Distribution, Telecommunication Services, Steel Structure and Galvanizing Services, will announce later on any developments regarding this offer.
© Tadawul 2012
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