National Building extends MoU to acquire 50% stake in German Saudi Industrial for 3 months

National Building & Marketing Co. (NBM) extended the memorandum of understanding (MoU) to acquire a 50% stake in German Saudi Industrial Co. for SAR 200 million, for 3 months until Sept. 7, 2020.

The extension came after the legal requirements for the acquisition deal had been completed under the same terms and conditions approved by both parties in the letter of intent, the company said in a bourse statement.

The MoU extension was driven by the precautionary measures adopted by the Kingdom to curb the COVID-19 outbreak, NBM noted, adding that any related developments will be announced in due course.

Last February, NBM inked a MoU with German Saudi Industrial Co. to acquire a 50% stake for SAR 200 million, Argaam reported.