Riyadh – Mubasher: Saudi Vitrified Clay Pipes Company (SVCP) announced that it has signed a non-binding memorandum of understanding (MoU) with the owners of Advanced Piping Solutions to acquire a 75% stake in the company.

The agreement, which is valid for 90 days, sets the value of Advanced Piping Solutions at SAR 85 million, prior to the due diligence and other procedures, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Moreover, the House of National Consulting (HNC) has been appointed as the financial consultant of the proposed deal.

Clay Pipes aims to diversify its portfolio by investing in the production of new productions, the statement noted.