Riyadh: Saudi Cable Co. has signed an agreement to sell its whole stake in Turkey-based Demirer Kablo to the Chinese firm, Jiangsu Zhongtian Technology Co. (ZTT) at a value of SAR 250 million ($66.7 million).

Demirer Kablo is an indirectly wholly-owned subsidiary of Saudi Cable Co.

The Saudi firm noted that the transaction is pending regulatory approvals of Turkish and Chinese authorities, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The deal aims to boost the company’s SCC financial position, while its financial impact is expected to appear during the third quarter of 2018.

The estimated returns amounted to SAR 53 million before calculating taxes, the Tadawul-listed firm highlighted.

Saudi Cable Co. last reported trimming losses by 12.6% to SAR 20.7million in the first three months of 2018, from SAR 23.7 million during Q1-17.

The stock inched down 0.13% to close Sunday's trading session at SAR 7.95.

Source: Mubasher

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