National Building gets investment ministry license to set up military industries firm

03/11/2021 Argaam

Logo of National Building & Marketing Co.

National Building & Marketing Co. (NBM) obtained the license issued by the Ministry of Investment to establish a limited liability company in partnership with UK-based Yuzhmash International Co. Ltd., operating in the field of military industries.

 

NBM said in bourse filing that coordination is underway with the rest of the relevant parties until the procedures for establishing the company is completed and commercial register is issued.

 

This is expected to be completed after finalizing the regular and legal procedures with the relevant authorities.

 

Latest developments will be announced in due course.

 

According to data compiled by Argaam, NBM signed a memorandum of understanding (MoU) to set up a limited liability company with a capital of SAR 100,000 in partnership with Yuzhmash International.

 

In August, the two parties agreed to extend the MoU for three months until Nov. 2.

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