SVCP finalizes SLF stake acquisition in SAR 25M deal

20/03/2024 Argaam
Logo ofSaudi Vitrified Clay Pipes Co. (SVCP)

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipe Co. (SVCP) completed the procedures related to the full acquisition of Saudi Land Factory for Cement Products (SLF), after fulfilling the preconditions entailed in the sale and purchase agreement (SPA), including obtaining approvals from the relevant authorities.

 

The company added that the acquisition, valued at SAR 25 million, was self-finance, according to a statement to Tadawul today, March 20.

 

It also noted that the related financial impact will be reflected in its results as of the first quarter of 2024.

 

For more news and details on M&As

 

SVCP signed, on Dec. 3, 2023, a non-binding memorandum of understanding (MoU) with SLF owners to acquire a full stake in the latter. The SPA was inked last February, according to Argaam's data.

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