Saudi SAIC extends initial deal on selling stake in Alsalam Aerospace

SAIC noted that this deal will be effective for six months until 10 April 2020 to proceed with all requirements to reach a final agreement

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh – Saudi Advanced Industries Co (SAIC) has extended an initial memorandum of understanding (MoU) over selling a stake in Alsalam Aerospace Industries Company.

This deal extension followed a preliminary purchase proposal on 10 December 2018 regarding SAIC’s 10% equity in Alsalam Aerospace Industries Company, according to a bourse disclosure on Sunday.

SAIC noted that this deal will be effective for six months until 10 April 2020 to proceed with all requirements to reach a final agreement.

The Tadawul-listed company noted that this deal extension will not have a financial impact, yet SAIC will announce any updates in the future.

Source: Mubasher

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