Riyadh – Mubasher: Al Babtain Power and Telecommunication Company announced completing the legal procedures for selling a 49% stake in Al Babtain France to Portugal’s Metalogalva, at a total value of EUR 3 million ($3.4 million)
Accordingly, Al Babtain’s ownership in the subsidiary was reduced to 51% or 3.06 million shares, while Metalogalva currently owns a 49% stake or 2.94 million shares, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
Last April, the two companies extended a binding memorandum of understanding (MoU) for the said takeover due to precautions by European countries against the coronavirus (COVID-19).
