ECC to approve $6m private sector investment in Saudi firm SIW

ISLAMABAD: After green signal by the State Bank of Pakistan, the Economic Coordination Committee (ECC) of the cabinet is all set to permit Eastern Products (Pvt) Ltd (EPPL) to remit $6 million for acquiring 50 percent shares in Sinsina Industrial Works and Metal Construction Company (SIW) in Jubail, Saudi Arabia, a local newspaper reported.

The development comes after the SBP had a detailed analysis and finally agreed to the proposal. The ECC of the cabinet is scheduled to hold meeting on Wednesday. 

The Saudi company SIW deals in steel fabrication and diversified steel products while EPPL deals in the import, processing, blending, packaging and distribution of tea in Pakistan and also operates in food, agriculture, chemical etc.

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