Saudi Vitrified Clay cancels deal to buy 75% of Advanced Piping

Both parties agreed to cancel the agreement without any penalty clauses or financial effects

  
Image used for illustrative purpose. Steel pipes waiting to be loaded and transferred to the port are seen at a steel mill in Cangzhou, Hebei province, China March 19, 2018. Picture taken March 19, 2018.

Image used for illustrative purpose. Steel pipes waiting to be loaded and transferred to the port are seen at a steel mill in Cangzhou, Hebei province, China March 19, 2018. Picture taken March 19, 2018.

REUTERS/Muyu Xu

Riyadh - Mubasher: Saudi Vitrified Clay Pipes Company (SVCP) said the renewed memorandum of understanding (MoU) signed to acquire 75% of Advanced Piping Solutions has expired on 15 October 2020 without reaching an agreement to further extend the deal.

Both parties agreed to cancel the agreement without any penalty clauses or financial effects, according to a stock exchange statement on Sunday.

In April, SVCP signed a purchase agreement to take over 75% of Advanced Piping for SAR 56.25 million.

Source: Mubasher

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