Zoujaj freezes plans to acquire stake in SANLEC

05/10/2016 Argaam

The National Co. for Glass Industries (Zoujaj) decided to hold off plans to acquire a 50 percent stake in Saudi National Lamps & Electricals Co. (SANLEC), as the necessary regulatory approvals were not yet obtained, the company said in a statement.

 

Zoujaj had earlier inked agreements with the Saudi Economic Offset Co. and Indo Asian Fusegear Ltd. to buy their equity amounting to 30 percent and 20 percent in SANLEC, respectively.

 

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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