Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) has announced extending a non-binding memorandum of understanding (MoU) with a strategic investor regarding potential acquisition on a stake in the firm.
The MoU was extended for one month which will end on 30 September, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
In May, the Saudi firm and a strategic investor inked a deal to begin talks over a possible takeover of a stake ranges between 45% and 49% in the company.
Saudi Steel Pipe last reported turning to loss, after suffering SAR 36.8 million in the second quarter of 2018, against generating a profit of SAR 7.7 million during Q2-17.
By 10:19 am Saudi time, the stock rose 3.60% to SAR 20.74.
