MULK Holdings invests in African market
- United Arab Emirates: Tuesday, March 12 - 2013 at 14:28
- PRESS RELEASE
Mulk Holdings forayed into the African Market, by announcing a joint venture agreement with Suzan General Trading JLT to establish a new company Alubond Africa LLC.
The joint venture company will be set up in Kenya as part of a two phased plan to initially Market and Distribute in phase one to be started immediately and set up manufacturing factories by mid to end 2013, comprising the full range of Alubond U.S.A. metal composite panels, ABTI sub structure systems, a fully equipped Aluminum coil coating line and a regional base for the Solar Energy solutions. The potential investments for the complete manufacturing set up of all the products are estimated to be over $25m. The J.V Partners are also expected to visit Nigeria in October to explore opportunities in Nigeria.
The MOU for the joint venture with a share holding of 55% for Mulk Holdings and 45% for Suzan General Trading JLT Group was signed by Shaji Ul Mulk, chairman of Mulk Holdings, and Mr. Arif Hafiz, Group Managing Director of SGT group, at Mulk Holdings head office in Hamriyah Free Zone, Sharjah, in the presence of senior Partners and Managers of both the groups.
Mulk Holdings is a multinational conglomerate with investments in Construction, Renewable Energy and Health care sector. Alubond U.S.A., the flagship brand of Mulk Holdings, has emerged as the world's largest metal composite panel brand, with a production capacity of 28 million square meters worldwide operating in United Arab Emirates, Europe, United States of America, Turkey, India, Saudi Arabia and Russia with a Distributor network in more than 90 countries.
Mulk Renewable, the renewable energy arm of Mulk Holdings has successfully developed in house patented solutions in concentrated solar power and photovoltaic technology, which have proved to be technical and commercially competitive in various parts of the world. It is currently, in the final stages of completing the first concentrated solar power plant in India, with a total capacity of 25 MW.
Mr. Arif Hafiz quoted "The consistent African Economic growth in construction and energy coupled with abundant natural minerals and metals such as Gold, Diamond, precious gemstones and Platinum is a sign that for the next two to three decades business will be booming in Africa. Hence our decision to enter into this JV is at the right time and we are confident that Alubond Africa will prosper and grow many folds in time to come."
Mr. Hafiz also added that The Excellence Awards Foundation (EAF) registered in Ghana, has selected our Chairman Mr Pattni as the 2012 winner of the "Lifetime Africa Achievement Prize 2012" where he is honoured for outstanding "humanitarianism and equity in Africa".
Mr. Pattni is also Chairman of KENDA (Kenya National Democratic Party), and Chairman of the House of Elders of all tribes in Kenya.
Shaji Ul Mulk added, "I have known Mr. Arif Hafiz for a long time and his drive in establishing and managing innovative businesses in Africa is very impressive. We are very excited by the J.V Agreement signed with SGT Group and believe The Group's strong Local presence, established operational centres in various African Countries and powerful contacts will be of strategic importance in achieving our objective of Alubond and Mulk RE Solar taking a large share of the boyuant African Market. After the successful establishment of production and Marketing bases in Turkey, Saudi Arabia, Serbia and India this year , Alubond Africa is consistent with our policy of setting up bases closer to the markets."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of Mediaquest FZ LLC. Mediaquest FZ LLC is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.