Al Babtain renews MoU with Portugal’s Metalogalva

Portugal’s Metalogalva to acquire a 49% stake in Al Babtain France.

  
Image used for illustrative purpose. Traveller Sul-hee Kim, 25, of Seoul, looks for travel applications on her iPhone 4G at a restaurant in the Sultanhamet area of Istanbul, Turkey, in this September 30, 2010 file photo.

Image used for illustrative purpose. Traveller Sul-hee Kim, 25, of Seoul, looks for travel applications on her iPhone 4G at a restaurant in the Sultanhamet area of Istanbul, Turkey, in this September 30, 2010 file photo.

REUTERS/Staff Photographer
Riyadh – Mubasher: Al Babtain Power and Telecommunication Company has extended the memorandum of understanding (MoU) signed with Portugal’s Metalogalva to acquire a 49% stake in Al Babtain France.

The binding agreement signed between the two firms on 23 February 2020 at a value of EUR 3 million, has been extended for two more months to 23 June 2020, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The extension comes due to precautionary measures by European countries against the coronavirus (COVID-19) pandemic.

Source: Mubasher

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