Riyadh — Mubasher: Saudi Vitrified Clay Pipes Company announced the formal conversion of Laffan Pipe Factory (Laffan Saudi) from a single-person limited liability company into an unlisted Saudi joint-stock company.
The entity has an issued capital of SAR 45.52 million, divided into 45.51 million ordinary shares with a nominal value of SAR 1 per share.
The restructuring follows a partnership agreement signed on 12 August 2024, with Qatar’s Laffan Pipe Factory (Laffan Qatar).
Under the finalized terms, Laffan Qatar has entered as a shareholder by subscribing to new shares through in-kind contributions, securing a 45% stake in the company.
Consequently, Saudi Vitrified Clay Pipes retains a 55% majority ownership in Laffan Saudi.
The company confirmed that the entire issued capital has been fulfilled through in-kind shares. This development marks the conclusion of the process initiated by the original memorandum of understanding signed on 14 February 2024.
Saudi Vitrified Clay Pipes stated there are no changes to the costs associated with the transaction.
