Saudi Steel Pipe’s unit inks SAR 150m export deal with Turkmengas Co.

Saudi Steel Pipe’s unit inks SAR 150m export deal with Turkmengas Co.
Saudi Steel Pipe’s unit inks SAR 150m export deal with Turkmengas Co.
SSP 1320 -2.78% 15.03 -0.43

Riyadh – Mubasher: Global Pipe Co., the subsidiary of Saudi Steel Pipe on Wednesday signed an agreement to export steel pipes to Turkmengas Co. at a value of SAR 150 million.

Pipes’ production will start on the first quarter of 2018, and financial impact of the transaction will appear in Q2-18, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).

Saudi Steel Pipe owns a 35% stake in Global Pipe Co..

By 2:12 pm KSA time, Saudi Steel Pipe’s stock rose 2.41% to reach SAR 14.90.

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Source: Mubasher

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