Saudi Ceramic to fully acquire Ceramic Pipes

30/12/2014 ِArgaam
Saudi Ceramic Company’s board of directors recommended on Monday a cash acquisition to fully own Ceramic Pipes, a closed joint stock company, after preparing its memorandums of understanding and obtaining necessary approvals. 
 
The acquisition aims to merge the activities of both companies in order to increase efficiency of operations, the company said in a statement to Tadawul, Saudi’s bourse. 
 
The financial impact of the new acquisition will be determined and announced after the company prepares its MOUs. 
 
Saudi Ceramic Company currently owns 50 percent of Ceramic Pipes, which has a capital of SAR 193 million divided into 19.3 million shares.

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