Zoujaj agrees to buy 50% of SANLEC

The National Company for Glass Industries (Zoujaj) has agreed to buy 50 percent of Saudi National Lamps and Electricals Co. (SANLEC) from the Saudi Economic Offset Company and Indo-Asian Fuse Gear, the company said in a statement to the Saudi bourse, Tadawul.

Zoujaj will pay the equity holders SAR 20,000 and bear their SAR 15.4 million liabilities.

The deal is subject to the approval of Saudi Industrial Property Authority (MODON) on transferring the lease agreement to Zoujaj.

SANLEC, which operates with SAR 10 million capital, manufactures energy-efficient lamps. 

Last May, Zoujaj signed a memorandum of understanding with the two companies to buy their stakes, according to Argaam.