08:32 AM EST, 11/12/2026 (MT Newswires) -- National Metal Manufacturing and Casting Co. (SASE:2220), d/b/a Maadaniyah, and IGL Group mutually agreed to terminate their Vair National Metal Casting Co. joint venture project, following a lack of progress. The joint venture's licenses and commercial registration in Saudi Arabia will be canceled in line with regulatory requirements, according to a Thursday filing. The metal engineering products manufacturer added that the termination will result in a non-cash asset impairment of 1.2 million Saudi riyals.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.