Sri Lanka’s ACL Cables wraps up acquisition of Cable Solutions
ACL Cables said it has plans to purchase up to 75 percent of shares in Cable Solutions in partnership with a consortium of investors.
ACL Cables’ stock closed 60 cents up at 56.50 rupees, in a market which is on a retreat.
Cable Solutions Pvt Ltd, which makes cables and wires for the electrical and electronics industry, has a factory at Flinth Industrial Park, in Kadawatha, north of the capital Colombo.
It is the main plant of Cable Solutions Europe AB, in Sweden, which also has a plant in Kerala, India.
The Flinth Industrial Park is run by Swedcord Development, Sweden, and provides infrastructure amenities and support services for manufacturing firms.
ACL Cables claims a 45 percent share of the local cable market while the ACL Group claims a 70 percent market share.
(Colombo/ Dec 20/ 2019)