Riyadh – Mubasher: Al Babtain Energy and Telecommunication announced extending the non-binding offer for the purchase of a stake in Tahwelya Converting Industries Company till 24 May.
Al Babtain noted that the extension was due its having not completed examining several technical and marketing aspects of the offer, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.
The Saudi energy and telecom firm noted that it will appoint an external advisor to evaluate the investment.
It added that it will not take loans, but will finance the deal for a stake in the limited liability company under establishment in Riyadh, Tahwelya, from its own finances.
