Riyadh Cables Group has completed the transfer of a 51% stake in Uzbekistan-based Artikul Aziya Kabel. The Saudi firm made the first installment of the consideration value and officially registered ownership on November 28. This Riyadh Cables Acquisition represents a strategic step to expand the company’s regional footprint and production capacity.
The company confirmed that it fulfilled all required conditions for the transaction. This included obtaining approval from the Uzbek Anti-Monopoly Commission for the merger and ownership transfer. Riyadh Cables also completed the sellers’ legal requirements and secured necessary regulatory approvals from Artikul Aziya Kabel’s financing institutions.
The deal follows a share purchase agreement signed on October 27. Riyadh Cables Group, through its wholly owned subsidiary Riyadh Cables Co., agreed to acquire 51% of Artikul Aziya Kabel for SAR 147.7 million. The acquisition marks the company’s first major investment in the Central Asian cable market.
According to company statements, this Riyadh Cables Acquisition aligns with its strategy to diversify operations beyond Saudi Arabia. It strengthens the group’s production capabilities while increasing access to new markets in the region. Furthermore, it demonstrates Riyadh Cables’ commitment to expanding its international presence.
The acquisition process included extensive due diligence and coordination with local authorities. Riyadh Cables ensured that regulatory, legal, and financial conditions were met before completing the first payment. The company stated that the transaction will support growth and operational synergies with Artikul Aziya Kabel.
Industry analysts noted that the Riyadh Cables Acquisition reflects growing interest by Saudi companies in strategic overseas investments. By acquiring a majority stake in a regional manufacturer, Riyadh Cables positions itself to leverage both production efficiency and market access.
Riyadh Cables has not disclosed the schedule for subsequent payments or operational integration plans. However, the first installment completion signals the company’s intent to move swiftly in consolidating ownership and aligning management practices.
Overall, the Riyadh Cables Acquisition of Artikul Aziya Kabel strengthens the company’s regional influence. It also represents a broader trend of Saudi industrial firms pursuing expansion and diversification in emerging markets.
