National Building inks MoU to sell its Scienpharma stake for SAR 23 mln

National Building & Marketing Co. (NBMC) on Dec. 22 signed a memorandum of understanding (MoU) with Fahad bin Saad Al-Medbal to sell its 65 percent stake in Scienpharma for SAR 23 million.

The MoU will remain valid for three months and no related parties are involved in the deal, NBMC said in a bourse statement on Sunday.

The related financial impact will be estimated later when a final sale agreement is inked and will reflect on the period during which the final deal is concluded, the statement added.

“This move comes as part of the company’s strategy, which focuses on enhancing operations in industrial production sectors that are indirectly related to the government procurement sector,” Fahad bin Thonayan Al-Thonayan, chairman of NBMC, said.

The building materials firm received a preliminary purchase offer on Dec. 22, the statement added.