Al Babtain to fully acquire its Portuguese joint venture

M&A WATCH-

Al Babtain to become the sole owner of its Portuguese subsidiary: Al Babtain Power andTelecommunications signed a binding share purchase agreement to acquire the remaining 40% stake (8.5k shares) in its joint venture, Al Babtain Metalogalva, from its Portuguese partner Metalogalva - Irmãos Silva for SAR 8.5 mn, it said in a Tadawul disclosure yesterday.

What will change? Funded through internal resources, the acquisition will give Al Babtain full ownership once the transfer is registered, after which the company will become a Saudi single-shareholder entity, removing all references to the Metalogalva name.

Earnings snapshot: Al Babtain Metalogalva, which designs and produces steel structures for the solar energy sector, posted a net income of SAR 15.7 mn in 2024, recovering from a net loss of SAR 5.5 mn in 2022. It also logged SAR 414 mn in revenues during the year.

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REAL ESTATE-

Diriyah Company launched Faena Residences, a branded residential project in Wadi Safar, according to a statement. The development comprises 20 villas adjacent to the planned 130-room Faena Wadi Safar Hotel and near a Greg Norman-designed golf course and an equestrian club. The collection includes 12 four-bedroom, six five-bedroom, and two six-bedroom villas, with sales set to open later this month.

Plus benefits: Homeowners will enjoy preferred rates at the neighboring hotel, discounts on spa treatments and catering services, and invitations to community events. In partnership with Accor, owners will also receive Diamond tier status in the Accor Live Limitless loyalty program.

REMEMBER- Diriyah Company secured a SAR 6 bn financing agreement from Banque Saudi Fransi to develop its Wadi Safar project in March. The financing follows a SAR 8 bn contract awarded in July 2024 to a joint venture between Al Bawani and Urbacon Saudi for the construction of four luxury hotels, the Royal Diriyah Equestrian and a Polo Club within the development.

EXPANSION-

Siemens Mobility set up a new Riyadh office to manage operations locally and regionally, according to a press release. The expansion follows the appointment of Frank Hagemeier last month as CEO of Siemens Mobility Saudi Arabia, leading the strategic planning and business development of Siemens Mobility products and services.

DEBT WATCH-

Perfect Presentation for Commercial Services (2P) signed a SAR 120 mn shariah-compliant financing agreement with the National Bank of Kuwait, it said in a disclosure to Tadawul yesterday. The one-year facility, secured by promissory notes, will be used to support newly awarded projects, including issuing letters of guarantee and credit.