SAIC says MoU to sell Alsalam Aerospace stake expired, no agreement reached

01/07/2021 Argaam

Saudi Advanced Industries Co.

Saudi Advanced Industries Co. (SAIC) announced that the memorandum of understanding (MoU) with Saudi Arabian Military Industries Co. (SAMI) to sell a 10% stake in Alsalam Aerospace expired on June 30.

 

The company said in a bourse filing that no agreement was reached and there will be no financial impact because of the MoU expiry.

 

According to data compiled by Argaam, in December 2018, SAIC signed a MoU with SAMI to sell a 10% stake in Alsalam Aerospace for SAR 100 million.

 

In July 2020, the MoU was extended until June 30, 2021.

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