Al-Babtain obtains regulatory nod on France unit shake-up

Al-Babtain Power and Telecommunications Co. (Al-Babtain) said on ​Monday that it obtained​ the approval of relevant authorities for the restructuring of its France-based unit.

The Saudi Arabia-listed company said in a bourse statement that the plan, which will be ​applied over the coming three months, includes staff layoffs and organizational changes​.

Al Babtain’s board of directors approved extending its contract with Prospheres Co. till Sept. 30 at a total value of SAR 1.3 million to help implement the turn around plan. The company expects to see positive results reflected in its ​financial results by the year’s end.

Further developments will be duly announced, the company added.

Last March, Al-Babtain signed a contract valued at SAR 3.6 million (€720.000) with Prospheres Co. to restructure its business operations in France, based on data compiled by Argaam.