Saudi Vitrified Clay Pipe co. (SASE:2360) signed memorandum of understanding to acquire 75% stake in advanced Piping Solutions for SAR 85 million on January 9, 2020. Saudi Vitrified Clay Pipe co. (SASE:2360) signed a purchase agreement to acquire 75% stake in Advanced Piping Solutions for SAR 56.3 million on April 19, 2020. The consideration shall be paid in cash. The consideration will be reduced if the existing shareholders make equity drawdown. The deal will be financed via a bank credit facility. Advanced Piping Solutions reported sales revenue of SAR 146.4 million and net earnings of SAR 8.6 million in 2019. The deal is subjected to the due diligence and approval of Saudi Vitrified Clay Pipe co. Board of Directors and competent regulatory authorities including the Saudi Industrial Development Fund (SIDF) and the General Authority For Competition. As a part of memorandum of understanding, the agreement is valid for 90 days. As of April 8, 2020, the memorandum of understanding has been extended for additional 15 days. As of August 16, 2020, the memorandum of understanding has been extended for additional 60 days. This acquisition will increase Saudi Vitrified Clay’s revenues realised from other infrastructure investments. House of National Consulting is acting as a financial adviser to Saudi Vitrified Clay Pipe co. Saudi Vitrified Clay Pipe co. (SASE:2360) cancelled the acquisition of 75% stake in advanced Piping Solutions on October 15, 2020. The transaction was cancelled without any penalty clauses or financial effects.