Saudi Arabian Military Industries (SAMI) signed a memorandum of understanding to acquire 10% stake in Alsalam Aerospace Industries from Saudi Advanced Industries Company (SASE:2120) for SAR 100 million on December 10, 2018. Post completion, Saudi Advanced Industries Company will hold no stake in Alsalam Aerospace Industries and memorandum of understanding will last for four months. Saudi Advanced Industries Company's Board of Directors approved the transaction. As of April 4, 2019, Saudi Advanced Industries Company extended the memorandum of understanding for two months ending June 10, 2019. The extension of memorandum will have no financial impact. On October 6, 2019, Saudi Advanced Industries Company extended the memorandum of understanding and this deal will be effective for six months until April 10, 2020 to proceed with all requirements to reach a final agreement. On July 27, 2020, Saudi Advanced Industries Company extended the memorandum of understanding until June 30, 2020 due to COVID-2019. Saudi Arabian Military Industries (SAMI) terminated the memorandum of understanding to acquire 10% stake in Alsalam Aerospace Industries from Saudi Advanced Industries Company (SASE:2120) on June 30, 2021.