Mubasher: Oman Cables Industry Company announced on Tuesday that a group of its stockholders sold their stake to Draka Holding Company for OMR 44.09 million, making the buyer the new majority shareholder.

The sale was executed for 14.69 million shares at a cost of OMR 3 each.  

Draka Holding earlier signed an agreement to raise its stake in Oman Cables to nearly 51%.

Before the deal, Dutch cable producer Draka, a subsidiary of Italian Prysmian Group, had already held 34.78% stake in Oman Cables.