SVCP signs SPA to acquire Saudi Land Factory for Cement Products

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. (SVCP) signed a sale and purchase agreement (SPA) with the owners of Saudi Land Factory for Cement Products (SLF) to acquire all their ownership shares, the company said in a statement to Tadawul.

The company will proceed with the acquisition process upon finalizing the closing preconditions. It will announce any developments and procedures in this regard later, the statement added.

The company signed, on Dec. 3, a non-binding memorandum of understanding (MoU) with the owners of the factory to acquire a full stake in the company either for cash, shares, or both, according to Argaam's data.

The equity rights of SLF were valued at SAR 26 million, subject to reduction if current owners withdraw funds, decreasing the value by the withdrawn amount, the company said.