Saudi National Building signs $48mln acquisition deal with Ajeej Steel

NBM said the transaction is in line with its strategies for growth and expansion

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Saudi-based National Building and Marketing Co. (NBM) signed an agreement with Ajeej Steel manufacturing Co., to fully acquire the company's capital for a total value of 180 million riyals ($48 million).

In a statement to Tadawul, NBM said the transaction is in line with its strategies for growth and expansion.

The company expects to complete the transaction by March 20.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Equities