UAE group signs MoU with Indian firm
The Al Hamad Group of Companies (AHG) and Yamuna Cable Accessories, India (part of the YGCL Group, India) have signed an MoU to set up a joint venture for manufacturing and marketing power cable accessories upto 36 kv.
YGCL manufactures cable jointing kits and accessories for the power sector.
AHG, formed in 1985, has offices in Dubai, Sharjah, and Abu Dhabi and is actively involved in power solutions and the manufacture of wires and cables. It has a switchgear assembly unit in the Ajman Free Zone and the ADCable factory in Abu Dhabi.
The equity participation of the joint venture is AHG, 51 per cent, and YGCL, 49 per cent. The authorised capital is $1 million.
Factories open
The official opening of the $40-million Kingdom Group of factories was held at its premises in Hidd, Bahrain, recently
The group specialises in producing readymix concrete, blocks, floor tiles and asphalt and has been supplying to development projects in the kingdom, such as the Bahrain World Trade Centre and Amwaj Islands. It announced plans for a $40-million expansion within the next six months.
Arla to lose $64 million
An ongoing boycott of Danish goods in the Middle East will cost Swedish-Danish dairy giant Arla Foods $64.04 million on an annualised basis, Europe’s second largest dairy firm said.
In response to the printing of offensive cartoons in a Danish newspaper, consumers in Muslim countries have boycotted Danish goods. “We have worked for 40 years to build brand in the Middle East to secure stable profitability for our members. We know the market well and will not give up easily”, he said.
Cement firm’s IPO
Qatar’s Gulf Cement Company plans to raise QR640 million ($176 million) in an initial public offering (IPO).
Open to Qataris only, the IPO will offer 80 per cent of the company’s shares at QR10 each. Its total capital is QR800 million.
Subscription takes place in the first half of April.
Samsung to spend $1.5bn on chip unit
Samsung Electronics, the world’s largest memory chip maker, said it would invest 1.13 trillion won ($1.15 billion) to expand and upgrade its memory chip lines.
The South Korean firm said in a filing to the Korea Exchange that it would fund the investment with its own capital.
The company announced a 730 billion won investment to improve its line of dynamic random access memory (Dram) and flash chips, along with a separate 398 billion won investment to upgrade a Dram production line. The money is to be spent on the company’s Kiheung and Hwasung memory plants. Samsung said the investments were aimed at boosting capacity and improving profitability in the face of growing market demand.
Sharp eyes top spot
Japan’s Sharp Corp expects to regain its position as the world’s top-selling maker of LCD televisions in the second half of this year, the head of its European electronics business said.
Sharp, which invented LCD (liquid crystal display) TV technology and had always been the global number one, was pushed off the top spot by Sony Corp. in the fourth quarter, mainly due to supply shortages as it underestimated demand.
“I think we can get to the number one position,” Hans Kleis told Reuters.
He added that he was referring to both unit sales and revenues. He added that Sharp planned to counter Sony’s challenge to its market leadership with an offensive in large LCD TVs bigger than the popular 32-inch size.
Sony sells stake
Sony will sell control of five non-core businesses to a unit of Nikko Cordial Group for 55 billion yen ($470 million), a report said.
Sony said in a statement it would set up a holding company for the businesses and sell a 51 per cent stake in it to Nikko Principal Investments Japan.
The businesses — Sony Plaza, B&C Laboratories, Sony Family Club, Maxim’s de Paris and Lifeneo — span a wide range of retail activities including the sale of imported goods, mail order, cosmetics and restaurants. Management of the companies is expected to remain in place, the source added.
