Adel al Hussan General Trading Co. acquires 49.25% shares in Uzkabel
Tashkent, Uzbekistan (UzDaily.com) --
Adel al Hussan General Trading Co. (UAE) acquired 49.25% share in Uzkabel JV OJSC for about US$7.9 million to up its stake to 63.96%. Uzkabel is the largest producer of cable and wire products in Central Asia.
UAE firm purchased the shares from other shareholder Zeromax GmbH (Switzerland) at the secondary market for hard currency.
After the deal, Adel al Hussan General Trading Co. will hold 63.96% share in the company, while stake of Zeromax will drop to 14.75%.
Adel al Hussan General Trading Co acquired 14.71% stake in Uzkabel in 2007 for US$2 million at the secondary market.
Uzkabel’s capacity is 50,000 tonnes of copper rod wire, trolley wire - 9,800 tonnes, telephone cable - 15,000 km, and logging cable for oil industry - 8,300 km.
Almalyk Mining and Metallurgy Combine is main supplier of copper to Uzkabel. The company increased export by 24.8% in 2008 to US$38.95 million.