Beirut (APD) - Amman-based Jordan New Cable Company (JNCC) announced Sunday that it secured a JD 6 million export order to supply the Riyadh-based Saudi Electricity Company (SEC) with electric cables, Jordan's Al Ghad daily reported Monday.
Cable products are in demand in Saudi Arabia with SEC, Saudi Arabia's monopoly electricity distribution company, allocating more than SR 10.85 billion to new projects in 2006.
JNCC is a manufacturer of electric and telephone cables that since 2004 has a link to the Saudi market through equity participation by Riyadh-based Middle East Specialized Cables Company (MESC). Last month, the Saudi company became the largest shareholder in JNCC by increasing its stake from 8.20% to 39.5%.
Other shareholders in JNCC are Jordan's Export and Finance Bank with 17.85%, Abdulraouf Al Bitar with 12.25%, and Abdulaziz Mohammed Al Namlah with 6.63%.
JNCC, with a capital of JD 9.76 million, reported net profits of JD 5 million in 2005. JNCC's shareholders equity also grew in 2005 to reach JD 16 million.
Established in 1992, Jordan New Cable Company is a joint stock company listed on the Amman Stock Exchange (ASE). Shares of JNCC improved by 2.27% to JD 9.00 in early Monday trading.
MESC, a privately held Saudi manufacturer, recently announced plans for an initial public offering which the firm tentatively scheduled for the second quarter in 2006. [TS]
By Mirna Sleiman, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
