Saudi National Building and Marketing Co., NBM, has signed an acquisition deal with Ajeej Steel Manufacturing for an operation estimated at 180 million riyals ($ 48 million) and in accordance with its expansion plan.
In a statement to the Kingdom’s stock exchange Tadawul, NBM said the transaction will be completed on March 20.
The company in November last year signed a memorandum of understanding (MoU) with Ajeej Steel to acquire the full shares of its capital, Mubasher.info notes.
NBM trades building materials and operates in designing and installation of aluminum and glass carpentry works, as well as produces iron building and steel, manufactures fermented iron, and specializes in metal scaffolding.
Also based in Riyadh, Ajeej Steel Manufacturing, provides a wide range of services including refractory items, engineering items, rolling mill flat & section, wire rod mill, steel plant and machinery.
Riyadh-based NBM acquires Ajeej Steel in line with expansion plan
