Council of Competition rejects SVCP’s acquisition offer

02/07/2014 Argaam

The Saudi Council of Competition rejected yesterday the offer of Saudi Vitrified Clay Pipe (SVCP) to buy a whole stake in the Ceramic Pipes Company, SVCP said in a filing on Tadawul.

The Council said the deal will adversely affect competition in local market.

SVCP had signed a memo of understanding to acquire a whole stake in Ceramic Pipes Company, but the approval of the Council of Competition was necessary.

Ceramic Pipes Company is 50 percent owned by listed Saudi Ceramic Company, and its capital is SAR 150 million.

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