Zoujaj board recommends liquidating SANLEC

06/11/2016 Argaam

The National Co. for Glass Industries (Zoujaj) has decided to liquidate its 50 percent-owned unit, Saudi National Lamps & Electricals Co. (SANLEC), the company said in a statement on Tadawul.

 

The company will obtain the necessary regulatory approvals, and updates will be announced when available, the statement said.

 

Last month, Zoujaj held off plans to acquire another 50 percent stake in SANLEC, as necessary documents were not yet obtained.

 

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

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