Saudi Ceramic cancels plan to acquire Ceramic Pipes

18/05/2015 Argaam

The board of Saudi Ceramic Company called off a plan to buy the remaining shares in its subsidiary, Saudi Ceramic Pipes Co, which was proposed by the board in December 2014 as concerned parties could not reach an agreement.

 

The decision has no financial impact, the company said in a statement to the Saudi bourse, Tadawul.

 

Riyadh-based Ceramic Pipes is 50-percent owned by Saudi Ceramic. It has a capital of SAR 193 million and 19.3 million shares.

 

It manufactures clay, ceramic and plastic pipes used in many sewage and drinking water upgrading projects, according to Argaam.

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