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Sri Lanka’s ACL Cables wraps up acquisition of Cable Solutions

ECONOMYNEXT- ACL Cables Plc, a Sri Lankan cable producer, said it completed the planned purchase of 51 percent of shares in Cable Solutions Pvt Ltd for 480.7 million rupees.

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)

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