Saudi Cable Company said it has signed an agreement to sell the company's entire stake in Demirer Kablo, a leading manufacturer of high and extra high voltage energy cables in Turkey, to Chinese group Jiangsu Zongitan Technology (ZTT).
All necessary approvals have been obtained from relevant authorities in Turkey and China, said the
Saudi Cable Company in its filing to Tadawul.
The signing of the shareholding transfer agreement has already been completed and control of the entity has been passed to the new owners, it added.
Early this month, the Saudi Cable Company had announced that it had won approval from the company's board of directors to reduce the company's capital from SR404.1 million to SR110.6 million, down 72.63 per cent.
With this move, the number of shares in the company has plunged to 29.3 million from the earlier held 40.4 million, it added.-TradeArabia News Service