SVCP extends buyout MoU with Acwa Pipes

Saudi Vitrified Clay Pipe Co. (SVCP) has extended a memorandum of understanding (MoU) to buy Arabian Company for Water Pipes (Acwa Pipes) for another two months.

The MoU will remain valid until October 6, SVCP said in a statement to Tadawul, adding that any related financial impact would be announced in due course.

In April, the Riyadh-based clay pipe manufacturer signed an agreement to acquire Acwa Pipe for a total value of SAR 160 million, after completing the required due diligence, Argaam previously reported.