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

 

Both parties finalized the legal measures pertaining to the buy/sell agreements at the same terms and provisions mentioned in the letter of intent (LoI) inked between both parties, the company said in a bourse filing.

 

The MoU extension was driven by the precautionary measures announced in Egypt to curb the COVID-19 outbreak.

 

There is no financial impact from the MoU extension, the statement added.

 

In December 2019, Al Babtain said that its subsidiary in Egypt signed a LOI with SEII to sell a stake in the Egypt-based company to SEII through capital hike, according to data compiled by Argaam. 

 

Al Babtain Power and Telecommunication Egypt has previously extended the MoU with SEII in April for 2 months until June 2, 2020.

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