The Saudi manufacturer and provider of advanced copper, aluminium and fibre optic cable products, Saudi Cable Company (SCC), has sold its shares in Turkey-based Demirer Kablo to China’s group Jiangsu Zongitan Technology (ZTT), Bahrain-based Trade Arabia reports.
The media says SCC founded 40 years ago has relinquished its 29.3 in Demirer Kablo.
SCC according to the media also noted that all necessary have been obtained from relevant authorities in Turkey and China.
SCC had begun early this month regular pull out from the manufacturer of the high and extra high voltage energy cables.
The kingdom-based company has decreased by 72.63 per cent its investment in Demirer Kablo, leading to a plunge from 40.4 to 29.3 of its stakes in the company.