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

 

The MoU was extended for six months until April 10, 2020, the company said in a statement to Tadawul.

 

No financial impact will result from this extension, the statement added.

 

In December, SAIC inked a memorandum of understanding (MoU) with Saudi Arabian Military Industries Company (SAMI) to sell a 10 percent stake in Alsalam Aerospace for SAR 100 million.

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