Saudi Clay Pipes plans to acquire 75% of Advanced Piping

Clay Pipes aims to diversify its portfolio by investing in the production of new productions

  
Image used for illustrative purpose. Close up of metal pipes in plant

Image used for illustrative purpose. Close up of metal pipes in plant

Getty Images/ Image Source/InStock
Riyadh – Mubasher: Saudi Vitrified Clay Pipes Company (SVCP) announced that it has signed a non-binding memorandum of understanding (MoU) with the owners of Advanced Piping Solutions to acquire a 75% stake in the company.

The agreement, which is valid for 90 days, sets the value of Advanced Piping Solutions at SAR 85 million, prior to the due diligence and other procedures, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Moreover, the House of National Consulting (HNC) has been appointed as the financial consultant of the proposed deal.

Clay Pipes aims to diversify its portfolio by investing in the production of new productions, the statement noted.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Construction