Saudi Vitrified Clay Pipe Company (SVCP) extended by three months its memorandum of understanding with Ceramic Pipes Company, signed in March with the purpose of acquiring a 100 percent stake in the latter.
SVCP said in a filing to Tadawul that the parties may extend the memo by similar period(s) if need be.
Ceramic Pipes Company is 50 percent owned by listed Saudi Ceramics Company, which is headquartered in Riyadh, and operates in several sectors including the production of clay and plastic pipes, and development of water and sewerage projects.
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