Issuer name : Depa Limited
Headline : Acquisition of JWICO
Depa Expands to Jordan, and Takes a Strategic Stake in
Jordan Wood Industries Company
Dubai, May 6th 2008: Depa Limited ("Depa"), a leading provider of interior
contracting services in the Middle East and North Africa, today announces it has
acquired a 22.2 percent stake, worth AED 27.9 million (USD 7.6 million), in
Jordan Wood Industries Company ("JWICO"), bringing Depa's total holding in this
company to 36.4 percent. This move, conducted by capital increase in order to
expand JWICO's facilities, further solidifies Depa's foothold in the Jordanian
market, and marks the first steps to establish Depa Jordan, scheduled for later
this year.
Mr. Mohannad Sweid, CEO of Depa, commented, "This acquisition, which continues
our strategy of vertically integrating manufacturing and procurement,
strengthens Depa's core manufacturing support and establishes its position in
Jordan. We have confidence in JWICO's industry expertise and believe that our
complementary strengths will allow us to provide our clients with competitive
turnkey solutions."
Depa and JWICO have executed a number of fit-out projects in the past, such as
Le Royal Amman and Sheraton Amman Al Nabil Hotel & Towers.
Mr. Najib Qubain, Chairman and General Manager of JWICO, commented: "Depa and
JWICO share a vision in offering high quality products for high end customers.
Our clients recognise the value of quality and our partnership with a leading
company like Depa is a clear indication that our products and business practices
are of international standards."
Depa has experienced significant growth over recent years. This growth has been
achieved, in part, through the establishment of operations in a number of
jurisdictions and through acquisitions and entering into new joint ventures.
Depa has established new operations in a number of new geographic markets
including Saudi Arabia, Qatar, Morocco, India and Libya. It has also acquired
stakes in joinery and manufacturing businesses, a procurement company and
specialised interior fit-out businesses; which has facilitated the continuing
backward integration of the supply chain.
JWICO, an Amman-based wood manufacturing specialist, supplies and provides
solutions for wooden furniture to customers in Jordan as well as other
countries, which include doors, kitchen cabinets, bedroom and office furniture.
The company was founded by Mr. Najib Qubain in November 1975. At the end of
1982, JWICO became a public shareholding company listed on the Amman Stock
Exchange. Shareholders include American Lebanese Project Development
Corporation, Jordinvest, and Industrial Development Bank.
-END-
About Depa:
Depa is a leading interior contracting company in the Middle East, North Africa
and Southeast Asia regions. Operating principally in the luxury fit-out
industry, its main areas of business cover 5 star hotels, high-end residential
properties, retail outlets, yachts, as well as public sector amenities such as
hospitals and airports. Depa is listed on the Dubai International Financial
Exchange (ticker DEPA) and has Global Depositary Receipts on the regulated
market for listed securities of the London Stock Exchange plc (ticker DEPA and
DEPS).
The range of business activities performed by Depa comprise:
• Interior contracting: which focuses on luxury interior fit-out services,
which include installation and finishing of floors, walls, ceilings, fixed
joinery, panelling, wood-works, doors and frames;
• Manufacturing: which comprises a network of factories and joineries
which produce customized furniture, fixtures and equipment (FF&E);
• Procurement: which involves the procurement of supplies and materials
from third parties to support and complement Depa's interior contracting and
manufacturing operations as well as third party procurement contracts for
specific FF&E projects.
By integrating these services into a single package, Depa provides clients with
comprehensive and customised interior contracting solutions.
With more than 7,000 employees worldwide, the company operates through an
integrated network of subsidiaries, affiliates and representative offices
located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco,
India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United
States. Through this network, Depa has successfully executed large and complex
projects in over 15 countries including the Burj Al Arab Hotel, (Dubai),
Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four Seasons
Hotels (Sharm El Sheikh & Mumbai) and Mazagan Resort (Casablanca).
Jordan Wood Industries Company (JWICO)
JWICO, a public shareholding company listed on the Amman Stock Exchange, is a
wood manufacturing specialist that supplies and provides solutions for wooden
furniture to customers in Jordan as well as other countries, which include
doors, kitchen cabinets, bedroom and office furniture. The company was founded
by Mr. Najib Qubain, the current chairman of the board of directors and general
manager, in November 1975. The company's main selling channels are through its
showroom and export department in Amman and through winning bids on various
projects. Currently, JWICO's factories are built on a total land area of 21,000
square meters whereby buildings occupy 15,000 square meters.
JWICO has the largest share in the Hotel furniture manufacture market in Jordan
and has built long-standing client relationships by providing high-end services,
on time and in budget. The company has more than 30 years of experience and is
considered to be the region's leading manufacturer of high quality kitchen
cabinetry, bedroom and office furniture, sliding wardrobes, and a wide array of
doors for houses, offices and industries.
The company's large client base includes individual local customers (78.5%),
local projects (12.30%), export countries and real estate developers (9.20%).
JWICO completed projects for the following clients: Faisaliah Tower and Mamlakah
Building in Saudi Arabia, Sheraton Hotel, King Abdullah Hospital and Union Bank
in Amman as well as Sheikh Sultan Bin Suroor Dhaheri building in the UAE and
many more other projects in the region.
For further media inquiries, please contact:
Depa Limited
Hania Al-Lahham
Public Relations Manager
Tel: +971 4 224 3800
hania.allahham@depa.com
Brunswick Gulf Ltd
Azadeh Varzi
avarzi@brunswickgroup.com
Jeehan Balfaqaih
jbalfaqaih@brunswickgroup.com
Tel: + 971 4 365 8260
