$130mn Industrial Park MOU signed in China
Beltone Capital Holding for Financial Investments S.A.E. ("Beltone") has acquired 50% of Shams Industrial through a capital increase. Shams Industrial is the sole distributor and manufacturer of HISENSE products in Egypt which include Home Appliances, Air Conditions, TVs and Mobile Phones through its factory in 6th of October, Egypt. HISENSE products have been in the Egyptian market since 2008 and have gained significant market share since its launch.
Mr. Hazem Barakat, Chairman of Beltone highlighted that the transaction targets an increase in the company's investments in Egypt to expand the company's market share and product range.
Additionally, Mr. Hany Shams, Chairman of Shams Industrial, announced that the company signed an MOU today with HISENSE international in China during the President Mohammed Morsi's visit, for an industrial park in Egypt. The industrial park's construction is planned to be built on 200,000 sqm of land with an investment of $130 mn and a production capacity of 500,000 ACs and 1.5mn units of white goods. The industrial park will target the Egyptian market as well as act as an exporting hub to Africa, Middle East and Europe.
HISENSE International:
Founded in China as a Radio Factory in 1969 with 10 employees, Hisense has now developed into a global conglomerate with over 60,000 employees and 20 subsidiaries selling in more than 130 countries worldwide. Hisense is recognized as a world leading provider of flat panel TVs, household appliances, and mobile communications and is recognized among the top 10 international players
In 2011, the Hisense Flat screen TV ranked 5th worldwide with an estimated market share of 7%, selling 16 million Flat screen TV units. The group sales revenue reached USD 11.3 billion, with overseas sales accounting for USD 2 billion
Shams Industrial:
The Shams Group was founded in 1957 by Farouk Shams as a distributor of home and electric appliances. Engineer Hany Shams, the current chairman of the group and expanded the operation from 1986. The Shams Group was the largest distributor of Miraco-Carrier products in Egypt, and currently has several business lines including manufacturing and distribution of Flat screen TVs, Air-Conditioners and other home appliances. The group has a 10 year exclusive distribution and manufacturing agreement of the Hisense brand in Egypt which will encompass the full spectrum of white goods catering to the growing B & C class in Egypt.
Beltone Capital Holding for Financial Investments:
Beltone Capital Holding for Financial Investments, established in 2006 as an Egyptian investment company with a current share capital of EGP 584 million. The company invests in Egyptian companies with strong, capable management and significant growth prospects. Beltone Capital's shareholder base includes global institutional investors and prominent Egyptian, regional and international high-net-worth individuals. The company is managed by Beltone Private Equity ("BPE"). As of August 2012, BPE had around EGP 2 billion in assets under management in a diverse range of investments. BPE investors range from global institutions, first class local companies and reputable high net worth individuals in the region.
© Press Release 2012
