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The Sharjah SAIF Zone-based electrical products manufacturer Kingston Holdings has set a target of becoming a billion dirham company in two years by tripling its turnover to $300 million (1.10 billion UAE dirhams) with an ambitious diversification of products range and expansion of manufacturing facilities in Sharjah.
The company, which is one of the largest electrical products manufacturers in Asia, is planning to go public in five years, Kingston Holdings Chairman and Managing Director Lalu Samuel said.
“We are now a $100 million (367 million dirhams) company and plan to reach $300 million (1.10 billion dirhams) in the next two years by diversifying into FMCG products, energy saving services and expanding to big scale manufacturing,” he said on the side lines of signing a memorandum of understanding (MoU) with Envirofina, a global energy efficiency investment company.
In April 2018, Kingston’s industrial arm Rexton Technologies had opened the largest LED light facility in the Middle East in SAIF Zone at a total investment of more than $13.6 million (50 million dirhams).
Samuel said the company switched from making conventional lighting to LED lighting to provide energy saving solutions. It currently manufactures more than 1,200 products at its Sharjah facility and exports to 70 countries.
Kingston Holdings is the largest investment company in SAIF Zone, with its facility spread over one million square feet of land.
“Our plans for the future include more diversification and in five years we plan to go public. We have already initiated measures to make Kingston Holdings ‘public issue-ready’ in two years as far as compliances are concerned,” said Samuel who owns 100 percent of Kingston.
Agreement with Envirofina
Under the agreement with Envirofina, Kingston Holdings will be the exclusive lighting supplier for all joint venture Envirofina energy efficiency projects, the company said in a related statement.
The MoU was signed at the Kingston headquarters at SAIF Zone by Lalu Samuel and Marios Gkekas, Chief Operating Officer of Envirofina in the presence of officials from the Australian Trade Office.
Under the MoU, Kingston Holdings will provide energy efficiency solutions to Envirofina for its projects. These include multi-services solutions from lighting to ventilation and air-conditioning, engineering, procurement, and contracting solutions to reduce energy consumption and operation and maintenance costs and strengthening the safety and performance of buildings.
“The collaboration with Envirofina is part of the joint commitment to enhance the global leading position of the UAE in the renewable and green energy ventures. This is achieved by making use of the cutting-edge technologies in the clean energy field which is a key pillar of sustainability strategy of the UAE,” said Samuel.
Kingston’s customer list includes Dubai International Airport, Dubai Metro, Emaar Properties, Dubai Properties, Emirates airline, Dubai Electricity and Water Authority (DEWA) and Sharjah Electricity and Water Authority (SEWA), besides a strong presence in government projects in Qatar, Saudi Arabia, Kuwait, Oman, Bahrain and India.
(Reporting by Bhaskar Raj; Editing by Anoop Menon)
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© ZAWYA 2021
