Saudi Steel Pipe to sell 45-49% equity in private deal

Saudi Steel Pipe Co. has inked a non-binding memorandum of understanding (MoU) with a strategic investor over the latter’s potential acquisition of a minority stake in the company.

The investor is forecast to purchase 45-49 percent of the company’s capital in a private transaction, Saudi Steel Pipe said in a bourse filing.

The MoU will likely expire in August 31, 2018, as both parties agree on a period during which the investor will conduct the due diligence process.