SVCP extends MoU to acquire 75% in Advanced Piping for 15 days

Saudi Vitrified Clay Pipes Co. (SVCP) extended the non-binding memorandum of understanding (MoU) to acquire 75% of Advanced Piping Solutions Co., for additional 15 days, the company said in a bourse statement.

Both parties signed a written extension of the MoU which ended April 7, 2020.

Any updates regarding this matter will be announced on Tadawul, the statement added.

In January, SVCP signed a non-binding MoU with the shareholders of Advanced Piping Solutions to acquire 75% of the latter’s shares for a cash consideration, according to data compiled by Argaam.