Riyadh - Mubasher: Saudi Vitrified Clay Pipes Company (SVCP) has extended a Memorandum of Understanding (MoU) to acquire 75% of Advanced Piping Solutions.

The two companies agreed to extend the MoU for an additional 60 days through a written agreement, according to a bourse disclosure on Sunday.

In April, SVCP signed a purchase agreement to take over 75% of Advanced Piping for SAR 56.25 million.

The acquisition deal will increase Saudi Vitrified Clay’s revenues realised from other infrastructure investments, excluding sewage projects that include water and drainage systems projects and will strengthen its footprint as Advanced Piping’s factories are located in the eastern and western parts of the kingdom.