Riyadh-Mubasher: Middle East Specialized Cables Co. (MESC) signed on Monday an agreement to sell 29.1% or 11.3 million shares of its stake in MESC Jordan to Ahmed Al-Sallakh, vice chairman of the Jordanian company.

Accordingly, MESC's equity will decline to 19.90% of the subsidiary's capital.

The shares were sold for nearly SAR 9.70 million, and the buyer will pay it at the agreed-upon time.

The relevant financial impact will materialise when completing the share transfer to the buyer, which is expected to be in the first quarter of 2016.