SVCP extends MoU for AcwaPipe buyout until Nov. 7

Saudi Vitrified Clay Pipe Co. (SVCP) has extended a memorandum of understanding (MoU) to buy Arabian Company for Water Pipes (AcwaPipe) for 32 days, until Nov. 7.  

This is the second extension since April this year.

Any related updates or financial impact will be announced in due course, SVCP said in a statement to Tadawul.

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.