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Argaam Tools ×
SVCP acquires 75% of Advanced Piping Solutions
Saudi Vitrified Clay Pipes Co. (SVCP) signed a purchase agreement to acquire a 75% stake in Advanced Piping Solutions.
Deal Value | Method of Finance | Type | Status |
14.90 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Borrowing/Loans | Acquisition | Cancelled |
The Acquiring Party
Saudi Vitrified Clay Pipes Co. - SVCP | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Basic Material |
*Market Cap (Million SAR) | 705.00 |
*Price/Share (SAR) | 47.00 |
The Acquired Party
Advanced Piping Solutions Co. - Advanced Piping Solutions | |
Country | - |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Consultants
Deal Advisor | HNC |
Legal Advisor | - |
Important Dates
Announced Date | 09-01-2020 |
Expected date for Completion | 30-10-2020 |
Main Details
Under the agreement, the buyer and the seller will implement the agreement terms within 30 days of signing the acquisition agreement, both parties will request the approval of the competent authorities including General Authority for Competition and the Saudi Industrial Development Fund (SIDF). The parties to the agreement, after fulfilling the agreement terms, will amend Advanced Piping articles of incorporation before the notary public to reflect SVCP’s acquisition.
Note
* In January 2020, SVCP signed a non-binding memorandum of understanding (MoU) with the shareholders of Advanced Piping Solutions to acquire 75% of the latter’s shares for a cash consideration.
* On April 8, 2020, SVCP extended the non-binding memorandum of understanding (MoU) to acquire 75% of Advanced Piping Solutions for additional 15 days.
* Advanced Piping Solutions recorded sales revenue of SAR 104.2 million in 2017, SAR 152.9 million in 2018 and SAR 146.4 million in 2019.
* The company also reported net earnings of SAR 4.6 million in 2017, SAR 16.5 million in 2018 and SAR 8.6 million in 2019.
* The parties to the agreement include Vision Global Investments and Al Harbi Holding Co.
* Advanced Piping Solutions produces fiberglass and concrete pipes.
* SVCP extended the purchase agreement to acquire 75% of Advanced Piping Solutions for 90 days due to the covid-19 outbreak.
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