Saudi Clay Pipe shelves plans to buy AcwaPipe

08/11/2016 Argaam

Saudi Vitrified Clay Pipe Co. (SVCP) cancelled Monday plans to buy Arabian Company for Water Pipes (AcwaPipe) due to the unfavorable market conditions, the company said in a statement to the Saudi bourse, Tadawul.

 

SVCP has twice extended a memorandum of understanding (MoU) to buy AcwaPipe, with the latest extension expiring Nov. 7.

 

There is no financial impact from the termination of the MoU, it added.

 

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

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