SAIC extends MoU to sell Alsalam Aerospace stake until July 31

09/04/2020 Argaam

 

Saudi Advanced Industries Co. (SAIC) extended a memorandum of understanding (MoU) with Saudi Arabian Military Industries Company (SAMI) to sell a 10% stake in Alsalam Aerospace until July 31, 2020.

 

The company said in a statement to Tadawul that the extension will allow the company to complete required procedures to reach a final agreement.

 

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

 

In December 2018, SAIC inked a MoU with SAMI to sell a 10% stake in Alsalam Aerospace for SAR 100 million. The duration of the MoU has been extended twice.

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