Saudi Vitrified Clay Pipe Company (SVCP) announced today on tadawul signing a Memorandum of Understanding with Ceramic Pipes Company (CPC) to fully acquire its shares.

The MoU is effective for 3 months starting from March 19, 2014.

CPC is SAR 150m capital company that is 50% owned by the listed Company, Saudi Ceramic Company.

SVCP indicated that the deal will be financed by raising the company’s capital through issuing shares to CPC owners.

SVCP is to appoint a licensed financial advisor to arrange for the acquisition and evaluate CPC’s owners’ equity. Auditors and legal advisors will carry out the due diligence test and other necessary advisory services.

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