SVCP ends MoU to buy 75% of Advanced Piping ‘amicably’
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Saudi Vitrified Clay Pipes Co. (SVCP) terminated the memorandum of understanding (MoU) signed earlier to acquire 75% of Advanced Piping Solutions Co. “amicably”, the company said in a bourse statement.
The latest MoU extension ended on Oct. 15 without reaching an agreement between both parties on a further extension of the deal.
The amicable termination came without any penalty clauses or financial impacts.
In April, SVCP signed an agreement to purchase a 75% stake of Advanced Piping Solutions for SAR 56.25 million, according to data compiled by Argaam.
In May, the purchase agreement was extended for 90 days, due to the coronavirus outbreak. The preliminary deal was extended again for 60 days in August.