National Building signs SAR 180 mln acquisition deal with Ajeej Steel

National Building and Marketing Co.'s logo

National Building and Marketing Co. (NBM) signed an agreement with Ajeej Steel Manufacturing Co., to acquire full shares of the company's capital, in a deal worth SAR 80 million, according to a bourse filing.

According to the company, the transaction is in implementation of its strategies for growth and expansion, especially in light of the large and accelerated growth witnessed in the industrial sector.

The company expects to complete the related official procedures by March 20, 2021.

In November 2020, NBM inked a memorandum of understanding (MoU) to fully acquire Ajeej Steel Co. Ltd. – which is 100%-owned by Fahd Al-Thunayan - for a total value of SAR 180 million, Argaam reported.

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