Al-Babtain sells 26% in French subsidiary to Portuguese Metalogalva for SAR 3.74 mln

Logo of Al-Babtain Power and Telecommunication Co.

Al-Babtain Power and Telecommunication Co. announced, on Feb. 28, that Portugal-based Metalogalva Co. acquired a 26% stake in Petitjean (Al Babtain France), which is 51% owned by Al Babtain, for SAR 3.74 million, according to a statement to Tadawul.  

Accordingly, Metalogalva would increase its ownership in Petitjean to 75% from 49%. Al-Babtain’s stake in the French company would decrease to 25% from 51%.  

The asset book value stood at SAR 2.15 million, and the relevant proceeds would go for fulfilling the company’s corporate purposes.  

The sale comes within the company’s strategy to recycle capital and divest from Petitjean. 

No related financial impact is expected from the deal.  

The transaction is pending the approval of the regulatory authorities in France. 

Petitjean's business portfolio comprises manufacturing and supply of steel towers and lighting poles. 

Metalogalva owns 40% in Al-Babtain Metalogalva Co. Ltd., a subsidiary of Al-Babtain Power in Saudi Arabia.  

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