Metalogalva - Irmãos Silvas, SA signed binding memorandum of understanding to acquire 49% stake in AL-BABTAIN France S.A.S. from Al-Babtain Power and Telecommunication Co. (SASE:2320) for €3 million on December 18, 2019. MoU is pending approval of the competent authorities in France. Also, Al-Babtain will review the regulatory requirements in the Kingdom. The two parties agreed to finalize the deal within 2 months from the MoU signing date, after fulfillment of the required procedures. As of February 23, 2020, the binding memorandum of understanding was extended by two months. As of April 26, 2020, the binding memorandum of understanding was extended for two more months to June 23, 2020. As of April June 3, 2020, the binding memorandum of understanding was extended for two more months to August 2, 2020. The deal will not have a significant financial impact.

Metalogalva - Irmãos Silvas, SA completed the acquisition of 49% stake in AL-BABTAIN France S.A.S. from Al-Babtain Power and Telecommunication Co. (SASE:2320) on June 16, 2020. Carlos Lucena of Telles de Abreu e Associados acted as legal advisor to Metalogalva - Irmãos Silvas, SA. Constance Le Vert of Carbonnier Lamaze Rasle & Associes supported Telles de Abreu e Associados in the transaction. Alain Sauty de Chalon of Baker & McKenzie France acted as legal advisor to Al-Babtain Power and Telecommunication.