(Yicai Global) March 8 -- China's biggest power and fiber optic cable maker will invest USD6 million in a joint venture with an Egyptian product supplier and set up a factory in the country as part of efforts to expand its presence globally.
Suzhou-based Hengtong Optic-Electric Co. will take a 40 percent stake in the joint venture with Cairo-based HitekNOFAL Optix Ltd., Hengtong said in a statement.
Hengtong Optic-Electric, established in 1993, was ranked as the 7th largest power and fiber optic cable manufacturer globally last year according to market research firm Integer Research Ltd. and was the only Chinese firm to make the top ten.
The Chinese firm will provide optical fiber and raw materials for products at the factory, while HitekNOFAL Optix will assist the JV in obtaining required certification for production and sales in the country. The new company will mainly provide communications network hardware and solutions for Egyptian telecoms operators, large contractors, government, military and clients in the oil and natural gas industries, the announcement said.