Al Babtain extends MoU with Saudi Egyptian Industrial Investment for 2 months

Al-Babtain Power and Telecommunication Co. said that its Egypt-based affiliate, Al Babtain Power and Telecommunication Egypt, extended the memorandum of understanding signed with the Saudi Egyptian Industrial Investment Co. (SEII) for 2 months until June 2, 2020.

The MoU extension came as SEII hasn’t finished the due diligence test according to the same terms and conditions agreed upon in the letter of intent signed between the two parties, due to the precautionary measures announced in Egypt to limit the spread of the coronavirus.

No financial impact from the extension of the MoU, the Saudi-listed firm said in a bourse statement.

In December 2019, Al Babtain said that its subsidiary in Egypt signed a letter of intent (LOI) with Saudi Egyptian Industrial Investment Co. (SEII) to sell a stake in the Egypt-based company to SEII through capital hike, according to data compiled by Argaam.