Riyadh Cables acquires 51% of Artikul Aziya Kabel, makes 1st payment

Riyadh Cables paid first installment of the consideration value

Riyadh Cables Group Co. completed the transfer a 51% stake in in Uzbekistan-based Artikul Aziya Kabel and registered ownership on Nov. 28, on payment of the first installment of the consideration value.

Riyadh Cables fulfilled all required conditions, including approval from the Uzbek Anti-Monopoly Commission for the merger and ownership transfer, the Saudi firm said in a statement to Tadawul.

It completed the sellers’ legal requirements, and secured the necessary regulatory approvals from Artikul Aziya Kabel’s current financing institutions.

According to data available on Argaam, on Oct. 27, Riyadh Cables Group entered into a share purchase agreement (SPA) with the owners of Artikul Aziya Kabel, through its wholly owned subsidiary Riyadh Cables Co., to acquire 51% of the shares of Artikul Aziya Kabel for SAR 147.7 million.