Saudi Advanced Industries Co. (SAIC) announced on Monday that it has extended a memorandum of understanding (MoU) with Saudi Arabian Military Industries Company (SAMI) to sell a 10% stake in Alsalam Aerospace for SAR 100 million.

 

The MoU was extended until June 30, 2021 due to the negative impact of COVID-19, the company said in a bourse statement.

 

No financial impact will result from this extension, SAIC added.

 

In April 2020, SAIC extended the MoU with SAMI until July 31, 2020.

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