Riyadh – Al-Babtain Power and Telecommunication has said that Portugal-based Metalogalva acquired 40% stake in its wholly-owned subsidiary Al-Babtain Renewable Energy Solutions at a value of SAR 2 million ($530,000).
The two parties agreed to raise the unit’s capital to SAR 18 million, from SAR 5 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
Metalogalva will pump SAR 5.2 million in the capital hike, whereas Al-Babtain’s share in the top-up will be the remaining SAR 7.8 million.
The financial impact of the deal is forecast to appear in the second quarter of 2019.
Metalogalva specialises in the renewable energy sector, providing solutions across Europe, North America, and Latin America.
Al-Babtain last reported a 50.2% decrease in profits, reaching SAR 20.5 million during Q2-18, compared to SAR 41.2 million in Q2-17.
Al-Babtain’s stock shed 0.94% to close Monday’s trading session at SAR 21.04.
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