National Building extends MoU to buy stake in German Saudi Industrial for 3 months

National Building & Marketing Co. extended its memorandum of understanding (MoU) to acquire a 50% stake in German Saudi Industrial Co. for another three months.

The new extension came after the legal requirements for the acquisition deal was completed under the same terms and conditions previously approved in the letter of intent, the company said in a bourse statement.

The extension was driven by the precautionary measures adopted by the Kingdom to curb the COVID-19 outbreak and to complete regulatory procedures in this regard.

The delay does not have any impact on the company's financial statements.

Any related developments will be announced in due course.

Last February, National Building inked an MoU to acquire a 50% stake in German Saudi Industrial Co. for SAR 200 million.

The first three-month extension was until Sept. 7, 2020, followed by the second extension until Dec. 7, 2020.