SVCP extends MoU to acquire Acwa Pipe

Saudi Vitrified Clay Pipes Co. (SVCP) on Tuesday extended for two months a memorandum of understanding (MoU) to acquire Arabian Company for Water Pipes (Acwa Pipe), the company said in a bourse statement.

In August, the Riyadh-based clay pipes maker signed an MoU with Acwa Pipe to buy the company in a stock-for-cash deal worth SAR 160 million, according to the data compiled by Argaam.

In December, SVCP obtained an approval from Saudi Arabia’s Council of Competition (COC) to finalize the acquisition deal.

Riyadh-based SVCP supplies piping infrastructure for residential and industrial construction. Acwa Pipe is a Saudi-based manufacturer of water, sewage, and industrial pipes.