Saudi Vitrified Clay Pipes, Laffan Pipes Factory JV Becomes Unlisted Saudi Joint Stock Entity

02:29 AM EDT, 09/16/2026 (MT Newswires) -- Laffan Pipes Co., or Laffan Saudi, a joint venture between Saudi Vitrified Clay Pipes Co. (SASE:2360) and Qatar's Laffan Pipes Factory Co., was converted into an unlisted Saudi joint stock company from a one-person limited liability entity. The issued share capital of Laffan Saudi is 45.5 million Saudi riyals, according to a Wednesday filing. As such, Laffan Pipes Factory became a shareholder in Laffan Saudi through subscription to the capital increase against an in-kind contribution representing a 45% stake. Saudi Vitrified holds the remaining 55% ownership interest in the venture. In 2024, the clay pipe and fittings manufacturer and Laffan Pipes Factory signed a deal to establish an industrial company to produce and sell high-density pipe products and plastic manholes.