Riyadh Cables Buys 51% Stake in Uzbekistan’s Artikul Aziya Kabel

Riyadh Cables Group Co. has signed a Share Purchase Agreement (SPA) to acquire a 51% stake in Artikul Aziya Kabel LLC, one of Uzbekistan’s leading cable manufacturers. The deal, valued at SAR 147.7 mln ($39.4 mln), was announced on October 27 and executed through Riyadh Cables’ wholly owned subsidiary, Riyadh Cables Co.

According to a statement released to Tadawul, the sellers in the transaction are Mirzabotir Komilov and Mirzabaxodir Kamilov. The agreement remains subject to several conditions, including approval from Uzbekistan’s Competition Promotion and Consumer Protection Committee, completion of legal formalities by the sellers, and regulatory clearance from Artikul Aziya Kabel’s current lenders.

The acquisition will be financed through Riyadh Cables Group’s internal resources and existing credit facilities.

Founded in 2013, Artikul Aziya Kabel is among Uzbekistan’s top producers of power cables, electrical wires, solar energy cables, and cabling systems. The company’s revenues have seen consistent growth, rising from SAR 238 mln ($63.5 mln) in 2022 to SAR 406.8 mln ($108.5 mln) in 2024.

The acquisition aligns with Riyadh Cables Group’s international expansion strategy, aimed at strengthening its footprint in Central Asia and establishing a regional manufacturing base in Uzbekistan. This move is expected to support export operations across Asia and Europe, enhance industrial integration, and improve operational efficiency.

Riyadh Cables stated that the transaction will also diversify its revenue sources and capitalise on Uzbekistan’s industrial capacity and skilled workforce. No related parties are involved in the deal, and PricewaterhouseCoopers (PwC) is acting as the transaction advisor.

Kursiv also reports that a new Riyadh-style complex will be constructed in New Tashkent with the participation of Saudi companies Al Majdiah and First Avenue