Logo of Saudi Ceramic Co.(Saudi Ceramics)
Saudi Ceramic Co.(Saudi Ceramics) announced extending the initial non-binding agreement signed with Eczacıbaşı Yapı Gereçleri A.Ş. (EYAP), affiliated with the Turkish Eczacıbaşı Group, on Oct. 8, 2023.
The agreement pertains to the establishment of a company specializing in the manufacture and sale of sanitaryware and complementary parts, until Dec. 31, 2024.
In a statement to Tadawul, the company said that they will complete the due diligence work, conduct the necessary assessments, final negotiations, sign and submit the relevant contracts to the relevant authorities to obtain the required approvals during the agreement period.
According to data available on Argaam, Saudi Ceramics signed a non-binding letter of intent (LOI) with EYAP last April, to study the establishment of a Saudi-based company owned equally by both parties specializing in the manufacture and sale of sanitaryware and complementary parts, provided that the entire assets and factories of the sanitary products segment of Saudi Ceramics will be transferred to the new company if an agreement is reached.
In October 2023, the two companies signed an initial non-binding agreement regarding the company’s establishment.
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