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Al-Babtain sells 40% stake in subsidiary to Portugal’s Metalogalva

2018-10-08 18:16:39 GMT (Economies.com)
 

Al-Babtain Power & Telecommunication Co. announced, in a filing to Tadawul today that it signed a partnership agreement with Portugal-based Metalogalva, under with the latter shall acquire a 40% stake in Al-Babtain’s wholly-owned subsidiary Al Babtain Renewable Energy Solutions at a value of SAR 2 million.

The two parties agreed on raising Al-Babtain Renewable Energy capital to SAR 18 million, from SAR 5 million, an increase of SAR 13 million; thus, Metalogalva will contribute with SAR 5.2 million, to be paid in cash, while Al-Babtain will pay SAR 7.8 million in cash.

 

 
 
 
  Symbol Last Change Chg.%
1.1606
0.0036
0.3139%
1.3751
0.0123
0.9053%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
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