Investor and Media Center

Acquisition of JWICO

May 06, 2008

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.


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

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 anintegrated 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 UnitedStates. Through this network, Depa has successfully executed large and complexprojects in over 15 countries including the Burj Al Arab Hotel, (Dubai),Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four SeasonsHotels (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 awood manufacturing specialist that supplies and provides solutions for woodenfurniture to customers in Jordan as well as other countries, which includedoors, kitchen cabinets, bedroom and office furniture. The company was foundedby 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 21,000square 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

Brunswick Gulf Ltd
Azadeh Varzi

Jeehan Balfaqaih

Tel: + 971 4 365 8260

Disclaimer :

DIFX is not responsible for the content of issuer disclosures.


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