Zoujaj eyes 50% stake in SANLEC

24/05/2015 Argaam

The National Co. for Glass Industries (Zoujaj) signed on Saturday two memorandums of understanding to buy a 50 percent stake in Saudi National Lamps & Electricals Co. (SANLEC).

 

The agreements were inked with the Saudi Economic Offset Company and Indo Asian Fusegear Ltd. to buy their equity amounting to 30 percent and 20 percent in SANLEC, respectively.

 

The deal, which comes as part of Zoujaj’s expansion drive, will be financed from its internal resources.

 

Operating with SAR 10 million capital, SANLEC is the kingdom’s first manufacturer of eco-friendly fluorescent lamps (CFLs) and high intensity discharge lamps (HIDs).

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