Al-Futtaim acquires majority stake in leading Sri Lankan public company

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About Al-Futtaim group:
Established in the 1930's, Al-Futtaim initially operated as a trading enterprise. Rapid development throughout the 1940's and 50's saw it become established regionally as an integrated commercial, industrial and services organisation and one of the leading business houses in the Gulf region. Today, it operates collectively more than 70 companies bearing the Al-Futtaim name, dominates many market segments in the UAE, and has expanded its sphere of operation to include Bahrain, Kuwait, Qatar, Oman and Egypt.

The group includes a diverse range of strategically positioned operating subsidiaries and associate companies. Its continuing investment in first class systems technology offers clear evidence of its commitment to maintaining leading edge performance and service delivery.

The success of Al-Futtaim can be attributed to a business approach that combines the ability to change with the traditional values of integrity, service and social responsibility that define its core business philosophy. This, linked with the group's belief in decentralisation, gives the heads of the operating companies a high degree of functional autonomy and authority, providing the group with essential flexibility, and individual employees a clearly defined work culture and sense of responsibility.

The Al-Futtaim group is divided into operational divisions Automotive, Electronics, Engineering, and Technology, Retail, Financial Services, and Real Estate.

Al-Futtaim represents many of the world's leading brands, including Toyota, Lexus, Honda, Volvo, Chrysler, Jeep and Dodge, Panasonic, Toshiba, Sanyo, Aftron, Alcatel, IKEA, Ace, Marks & Spencer, Ladybird, Hasbro, Toys R Us, Seiko, Raymond Weil, Westar, Kolber and Minato Pearls.

The latest development undertaken by Al-Futtaim is Dubai Festival City, a waterfront development offering a mix of entertainment, dining, shopping, marina, hotels, residential and office components. A groundbreaking ceremony recently took place for Cairo Festival City and others are planned throughout the region with investment from the recently closed Al-Futtaim Real Estate Investment Fund, the largest such fund in the region.

About AMW:
The company was founded 59 years ago, in 1949, by Sir Cyril De Zoysa, an icon among Sri Lanka's business community and uncle to AMW's current Chairman, Mr Ajita De Zoysa. Initially, the company's principal line of business was retreading tyres for what was then the country's largest public transport company, known as South Western, which was also established by him. Sir Cyril started industrialisation in Sri Lanka with the manufacture of motorcycle tyres and batteries.

The natural evolution of the business saw the formation of a group of industries and the Associated Motorways Group of Companies came into existence. Associated Rubber Industries Limited became the pioneer bicycle tyre manufacturer. Associated Vacu-Lug Company Limited was the first (and only) giant off-the-road tyre rebuilder. Associated Batteries Company Limited began the manufacture of the "Yuasa" Automotive Batteries and Associated Cables Limited was the pioneer cable manufacturer -this Company is now functioning as an independent entity. Associated Electrical Corporation Limited started the manufacture of the tamed Sisil Refrigerator.

Today, AMW has become Asia's second oldest distributor for Nissan Motor Co - the relationship began in 1957 - and is the sole distributor for Maruti, Yamaha motorcycles and outboard motors, Renault, Piaggio Ape cargo vehicles, Eicher trucks and buses , Gizmo, the No.1 moped in Sri Lanka, Goodyear tyres, BP's range of lubricants , Castrol motor oil and AMW Tyre Retreading

It also manufactures batteries and tyres and re-treads for light and heavy vehicles.

For more information, please contact:
Lejo Johnny
PR Executive
GMASCO Marketing Communications
Al-Futtaim Group
Tel: +9714 228 2101 - Ext 252
Fax: +9714 227 9801
Mobile: +97150 453 7023