SVCP signs MoU with Qatari firm to partner in Saudi Land Factory

One of Saudi Vitrified Clay Pipes (SVCP) products

Saudi Vitrified Clay Pipes Co. (SVCP) signed today, Feb. 14, a memorandum of understanding (MoU) with Qatar-based Doha Concrete Molds Factory Co. to partner in the deal for Saudi Land Factory for Cement Products (SLF), according to a statement to Tadawul.

The Qatari firm will hold a 45% stake in SLF, while the remaining 55% will be held by SVCP.

The MoU term is 180 days, SVCP noted.

SVCP recently signed an agreement to acquire the entire share of the company and is currently working to complete the acquisition.

SVCP signed earlier this month a sale and purchase agreement (SPA) with the owners of Saudi Land Factory for Cement Products (SLF) to acquire a full stake in the company either for cash, shares, or both, according to Argaam's data.