SVCP signs partnership agreement with Qatari firm for Saudi Land Factory

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. (SVCP) signed today, Aug. 12, an agreement to make Qatar-based Doha Concrete Molds Factory Co. a partner in Saudi Land Factory for Cement Products (SLF), according to a statement to Tadawul.

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Doha Concrete will pay for its shares by transferring the production lines of its plant in Doha to the ownership of Saudi Land Factory. The ownership of SLF, after the partnership, will be 55% for the SVCP and 45% for Doha Concrete.

In December 2023, SVCP signed a non-binding memorandum of understanding with the owners of SLF to fully acquire the company. A sale and purchase agreement was signed in February this year, Argaam reported.

In March, SVCP said it had completed the procedures to fully acquire SLF shares. The acquisition cost of SAR 25 million was paid from the Saudi-listed firm’s resources.