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Saudi MESC eyes takeover of Saudi-Australian JV

05/10/2009 00:00 AST

Saudi Arabia-based Middle East Specialized Cables Co (MESC) said it would seek approval for a capital hike to finance the takeover of United Transformers Electric Co (UTEC).

UTEC, an unlisted local firm, is a joint venture between Al-Fozan group and Australias Wilson Transformer Company.

MESC signed an initial agreement with UTEC on Sunday setting a June 30 target for the completion of the takeover, MESC said in a statement posted on the bourses website late on Sunday.

"Each of the two companies is going to appoint a financial adviser to evaluate this takeover," MESC said.

The firm will "seek the necessary approvals from its owners, official parties and an assembly to raise capital for the purpose of owning UTEC shares", it added.

UTEC, established in 2001, produces 15,000 transformers a year and claims a 25 percent local market share. State-owned utility Saudi Electricity is UTECs main customer.

Export-oriented MESC generated sales of 1.31 billion riyals ($349 million) in 2008 and made a net profit of 88.4 million riyals in the same period.

Through expansion in Saudi Arabia, Jordan and the United Arab Emirates, MESC wants to raise sales 3 billion riyals and net profit to 300 million riyals by the end of 2010, according to its 2008 annual report.

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