The Saudi Steel Pipes Company intends to acquire an additional 35% ownership stake in Al-Alamiah Pipes Company. Saudi Steel Pipe has received from Global Pipe Company, in which SSP owns a 35% stake, a notice issued by EEW Holding GMBH on the sale of EEW’s 35% interest in GPC. Upon satisfaction of customary closing conditions, including the General Authority for Competition’s approval and receipt of requisite bank consents, SSP will acquire an additional interest of 35% of GPC for up to USD 9.9 millionSSP will assume the corresponding portion of EEW’s guarantees with respect to GPC’s financial debt. Upon the deal closure, SSP will begin consolidating GPC’s assets and results of operations.Global Pipe Company is a Saudi German joint venture Limited Liability Company with a total investment of SAR 660 Million. Global Pipe Company features are an extensive regional coverage, a diversified product range, a highly qualified work force and a strong partnership between Erndtebruecker Eisenwerk of Germany, Saudi Steel Pipe, Mr Ahmed Al Khonaini and Pan Gulf Holding . Global Pipe Company ids recognized as the leader in producing Longitudinal Submerged Arc Welded pipes for the oil, gas, petrochemical, power generating and civil engineering industries and markets. It is equipped with the most advanced technology, systems and modern manufacturing facilities and will have an annual production capacity of 200,000 metric tons.
The Saudi Steel Pipes Company intends to acquire an additional 35% ownership stake in Al-Alamiah Pipes Company. Saudi Steel Pipe has received from Global Pipe Company, in which SSP owns a 35% stake, a notice issued by EEW Holding GMBH on the sale of EEW’s 35% interest in GPC. Upon satisfaction of customary closing conditions, including the General Authority for Competition’s approval and receipt of requisite bank consents, SSP will acquire an additional interest of 35% of GPC for up to USD 9.9 millionSSP will assume the corresponding portion of EEW’s guarantees with respect to GPC’s financial debt. Upon the deal closure, SSP will begin consolidating GPC’s assets and results of operations.Global Pipe Company is a Saudi German joint venture Limited Liability Company with a total investment of SAR 660 Million. Global Pipe Company features are an extensive regional coverage, a diversified product range, a highly qualified work force and a strong partnership between Erndtebruecker Eisenwerk of Germany, Saudi Steel Pipe, Mr Ahmed Al Khonaini and Pan Gulf Holding . Global Pipe Company ids recognized as the leader in producing Longitudinal Submerged Arc Welded pipes for the oil, gas, petrochemical, power generating and civil engineering industries and markets. It is equipped with the most advanced technology, systems and modern manufacturing facilities and will have an annual production capacity of 200,000 metric tons.
