Turkish company buys Uzkabel's shares

Oil&Gas Materials 22 July 2011 17:33 (UTC +04:00)

Uzbekistan, Tashkent, July 22 / Trend D. Azizov /

The Inter Cablo ve Bakir Sanayi Ticaret company has acquired a 34.55 percent stake in Uzkabel.

It is the largest manufacturer of cable production in Uzbekistan, a source in Uzeltehprom told Trend.

The Turkish company bought a part of the stakes owned by Adel Al Hussain General Trading Co (UAE). The amount of the transaction was not disclosed, but according to some estimates, it could be as high as $5 million.

The share of Adel Al Hussain General Trading in the joint venture reduced from 84.08 percent up to 49.53 percent.

Uzkabel is one of the largest manufacturers of cables and wires in Central Asia and CIS countries.

At present, production capacity is 50,000 tons of copper rods, 9,800 tons of trolley wires, 15,000 kilometers of conventional telephone cable and 8,300 kilometers of conventional geophysical cable for the oil industry.

The main supplier of copper raw materials for the company is Almalyk
Mining and Metallurgical combine.