SVCP further extends buyout MoU with AcwaPipes

The Saudi Vitrified Clay Pipe Company (SVCP) and the Arabian Company for Water Pipes (AcwaPipes) decided to extend by six months their mutual memorandum of understanding, related to SVCP’s interest in fully acquiring AcwaPipes. The extension agreement was signed on August 14, 2012. This extension follows a previous six month extension on February 19, 2012.

The actual buyout will be valid after the signing of final agreement and completion of regulatory procedures. The required procedures include the approval of related bodies and of the extraordinary general assembly of increasing the capital by issuing new shares in return for the buyout. The parties may further extend the MoU by similar period(s).

Developments will be announced on Tadawul.