ACL Cables PLC yesterday said it entered into a sales and purchase agreement to acquire 51 percent of Cable Solutions (Pvt) Ltd for Rs.480.7 million
subject to conditions.
ACL Cables said the overall transaction contemplated includes the purchase of up to 75 percent of the issued shares of Cable Solutions from its existing shareholders with a consortium of investors.
ACL Cables also said the purchase of 51 percent of stake in Cable Solutions is subject to several conditions identified in the share sale and purchase agreement being completed by the existing shareholders and Cable Solutions prior to the purchase.
Cable Solutions is a provider of custom-made, world-class cable and wire maker for electrical and electronic industries.The company’s main production facility is located at Flinth Industrial Park in Kadawatha. According to the company’s official website, the facility is set up by Swedcord Development AB, Sweden.
Cable Solutions also has a manufacturing facility in India.