Saudi Cable signs deal to set up standalone entity in Bahrain

Logo of Saudi Cable Co.

Saudi Cable Co. (SCC) announced that, on June 9, Managing Director Nael Samir Fayez signed the incorporation agreement of Saudi Cable Co. - Bahrain as a standalone legal company, according to a bourse filing.

This incorporation is in line with the group's restructuring efforts and builds on its operations in Bahrain for over 20 years, the company said.

The cable producer added that establishing a new standalone legal entity at this key market will support its financial stability of operations and contribute to its regional positioning and leadership, which will reflect positively on its sales and shareholders' equity.

The move will also help facilitate investment return flows to the group, in addition to its cable manufacturing, construction, installations and construction works related to the industry, Saudi Cable added, expecting to achieve the best returns for the group and shareholders.