Riyadh – Mubasher: Saudi Vitrified Clay Pipe announced on Monday that the period of the ongoing stake agreement signed with Arabian Company for Water Pipe Industry (Acwa Pipe) has ended.
The two parties agreed to not renew the deal, according to a bourse filing. The decision came as a result for the change of the circumstances of the local market, which would have negative impact on the company’s operations.
The non-renewal of the agreement has no financial impact on the company, the statement said.
In October, the clay company agreed with the shareholders of Acwa Pipe to extend the ongoing stake agreement for 32 more days ending on 7 November.
