Aamal and C&C Joint Venture
PRESS RELEASE:
For immediate release
Doha, 25 June 2012 - Aamal Company Q.S.C. ("Aamal"), one of Qatar’s fastest growing diversified companies, signed today a Joint Venture agreement with C&C Lightway from Republic of Korea. The joint venture will initially trade in, and distribute, LED (Light Emitting Diode) and other lighting products (indoor, outdoor and façade) for the Qatari market and other GCC countries. The joint venture also plans to establish in the near future a factory to assemble and manufacture LED lamps and other lighting products using technology and know-how from C&C Lightway. The factory will serve the Qatari and MENA region markets and be the first of its kind in Qatar.
The Company will be expanding its operations to include trading and distribution of LED and other lighting products; setting up an assembly facility to benefit from the products being locally manufactured, selling and distributing products made by the company, in addition of other lighting and digital display products for trading and/or manufacturing.
Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, said: "Expanding our manufacturing business to support Qatar’s development is central to Aamal’s business. This LED and lighting joint venture with C&C Lightway is another example of our strategy of establishing market leadership in Qatar and the region in products for which there is strong demand, particularly from the Gulf’s fast-growing economies."
Mr. Ho Mok Chung, Chairman and CEO of C&C Lightway has also said " I am very much proud of being a business partner with esteemed Aamal Company who is greatly passionate in a high-tech products like LED. Based on my personal experiences and technical know-how accumulated for more than 3 decades in the professional lighting industry, I and C&C are now fully prepared to dedicate ourselves to achieve goals of the joint venture company who is going to be definitely the pioneer of LED lighting in the MENA region.
This business venture will be exclusively supported by prestigious companies such as Daejin "DMP" (XLEDs) and Galaxia Electronics".
ENDS
About Aamal
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, delivering a CAGR in net profit before fair value gains on investment properties of 20% from 2006-2011 and generating revenues of QAR 1,910m (US $524m) in 2011. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 23 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors. Aamal is one of the largest diversified companies quoted on the Qatar Exchange, having been listed since December 2007.
For more information on Aamal Company, please visit http://www.aamal.com.qa
About C&C Lightway
C&C Lightway, one of the Korea's leading lighting companies for theatrical, broadcasting and architectural lighting, provides total solution from design, engineering and manufacturing to maintenance, particularly in the LED lighting products which are currently the most competitive in cost and quality in the world.
The staff includes a multi-national team of lighting designers, system engineers, technicians, contents producers as well as subsidiaries for R&D and theatrical engineering and electrical installations.
C&C has been leading the Korean lighting industry by achieving major domestic jobs and many of other projects in Asia and providing the highest level of creative and technical support.
On the other hand, C&C has been fully supported by multi-national industry leading manufacturers such as Daejin DMP(known as a famous brand of XLEDs) for White LEDs, Galaxia Electronics for Media LEDs and Electronic Theater Controls(USA) which is the most competitive team.
For more information, please visit www.cclightway.com
Further Enquiries Aamal Company | + 974 4435 0666 |
Arwa Goussous, Corporate Communications Manager Michael Prest, Citigate Dewe Rogerson | (mobile +974 5513 9539) (mobile +974 3373 5083) |
