Al-Babtain says Egypt subsidiary stops talks on stake sale

25/04/2021 Argaam

Logo of Al-Babtain Power and Telecommunication Co.

Al-Babtain Power and Telecommunication Co. announced the suspension of the acquisition negotiation between its subsidiary, Al-Babtain Power and Telecommunications Co., Egypt, and Saudi Egyptian Industrial Investment Co., due to the unclear economic situation amid the COVID-19 pandemic.

 

The company said in a statement to Tadawul that the two parties did not agree on some legal points of subscription and shareholders agreements.

 

Al-Babtain will continue to study the possibility of offering a part of its Egyptian subsidiary on the Egyptian stock exchange.

 

Any update will be given in due course.

 

According to the data available on Argaam , Al-Babtain’s Egypt subsidiary signed in December 2019 a letter of intent with the Saudi Egyptian Industrial Investment Co. to sell a stake through capital increase.

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