The Saudi Pottery (Pottery) Pipe Production Company has signed a purchase agreement for 75% of the Advanced Pipe Solutions Company for Industry with a value of SAR 56.25 million.
According to ArabiaNet, the company signed a memorandum of understanding for the acquisition last January, according to which the Saudi Pottery Pipe Company signed a memorandum of understanding with the owners of the Advanced Pipe Solutions Company for Industry to acquire 75% of the equity in their company.
Al-Fokhariya said, in a statement to the Saudi Stock Exchange, Tadawul, that the seller and buyer will implement the preconditions for the closure within 30 days from the date of signing the acquisition agreement.
She added that the parties to the agreement will submit to the competition authority to obtain a no-objection to complete the concentration and obtain the approval of the Industrial Development Fund.
He pointed out that after the completion of the implementation of the preconditions for closure or assignment, the parties to the agreement will sign a notary public to amend the contract for the establishment of the Pipeline Solutions for Industry to reflect the transfer of 75% of the ownership of the Saudi Pottery Pipeline Company.
