Riyadh-Mubasher: National Co. for Glass Industries (Zoujaj) signed a memorandum of understanding (MoU) on Saturday with Saudi Offset Co. and Indo Asian Fuse Gear to purchase the companies’ stakes in Saudi National Lamps and Electricals Co. (SANLEC).

Saudi Offset and Indo Asian own 30% and 20% stakes respectively in SANLEC, which operates with SAR 10 million in capital.

The deal will be financed from Zoujaj's cash sources.