MESC merges two UAE plants and negotiates debt term

The board of directors of the Middle East Specialized Cables Company (MESC) decided the following:

1. Merging the industrial operations of the company’s two factories in the UAE, both fully owned subsidiaries. That is by the transfer of equipment and appliances from the Sharjah plant to Ras Al-Khaimah. The move aims at bringing the production process under one ceiling, to help enhance the production capacity and use of resources.

2. Authorizing the management to take needed actions to negotiate the restructuring of company’s debts with local lenders from short to long terms, which shall foster its liquidity position and the pursuit of future plans.