RIYADH: Saudi cable manufacturer Aslak has signed a deal with UAE’s A-1 Fence DMCC C0. to acquire a stake in its wholly owned unit based in Dammam.
Formally known as United Wire Factories Co., the firm revealed in a bourse filing that it will acquire a 30 percent stake of the capital of A-1 Fence Arabia Co. for Industry.
The share purchase agreement is subject to approval from the Kingdom’s General Authority for Competition and relevant regulatory authorities.
This potential deal comes as Aslak aims to diversify its sources of income and maximize profitability through a pool of investments.
