Zoujaj acquires 50% stake in SANLEC

The National Company for Glass Industries’ (Zoujaj) general assembly has approved a deal to acquire a 50 percent stake in Saudi National Lamps and Electricals Company Limited (SANLEC).

Zoujaj has already paid a nominal value of SAR 20,000 to buy the company. It will also bear SAR 15.4 million in liabilities, which include SAR 6 million to the Saudi Industrial Fund and SAR 9.4 million to a commercial bank, the glass maker said in a statement to Tadawul.

Zoujaj shareholders also approved the distribution of semi-annual profit starting from the current year.

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