Mubasher: Oman Cables Industry announced that Draka Holding B.V. signed an agreement to increase its stake in the company to approximately 51%, thus gaining majority stake.

As per the agreement, Draka currently owns 34.78% of Oman Cables’ total shares and will purchase about 16% of shares more for a total of around 100 million euros.

Draka is a fully owned subsidiary of Prysmian Group.