Saturday, Jan 07, 2012
RIYADH (Zawya Dow Jones)--Al Babtain Power and Telecommunication Co., a Saudi maker and distributor of outdoor lighting fixtures and other steel industrial structures, has bid for "substantially all" of French pole- and mast-maker Petitjean SAS, Al Babtain said Saturday in a statement on the website of the Saudi stock exchange.
The offer was made to the receiver for Petitjean SAS, which has been subject to bankruptcy proceedings since December, the statement said. Babtain said it expects the receiver to review the offer in coming weeks.
The offer for Petitjean, which reported revenue of EUR74 million for the year ended Dec. 31, 2010, is part of Al Babtain's effort to expand its geographical range, the Saudi company said.
Shares in Al Babtain are trading +1.2% at SAR26.40 Saturday in a slightly positive Saudi market.
-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
07-01-12 0912GMT
