Saudi Cable gets regulatory approvals on selling Turkish subsidiary

17/09/2018 Argaam

 

Saudi Cable Co. (SCC) signed has obtained regulatory approvals in both Turkey and China to sell Demirer Kablo, its wholly owned subsidiary in Turkey, to China’s Jiangsu Zhongtian Technology Co. (ZTT).

 

Procedures for transferring the partners' shares have also been completed, and the ownership has been transferred to the new owners, SCC said in a statement to Tadawul.

 

In July, SCC signed an agreement to sell its Turkish subsidiary to ZTT for SAR 250 million to focus on Saudi-based core businesses and to improve its financial position.

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