Jiangsu Zhongtian Technology (SHA:600522) or ZTT plans to establish a subsidiary in Saudi Arabia for $80 million, according to a Shanghai bourse disclosure on Wednesday.
The subsidiary will be named Eco Mariner, and it will produce submarine cables.
The Chinese producer of power cables for telecommunications will set up the subsidiary through its Hong Kong and Singapore units, the disclosure said.
The company's shares closed 1% higher at the close of Wednesday's trade.
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