Beltone Capital Acquires 50 % of Shams Industrial via Capital Increase
Beltone Capital Holding for Financial Investments S.A.E. (“Beltone”) (BTFH) has acquired 50% of Shams Industrial through a capital increase.
Shams Industrial is the sole distributor and manufacturer of HISENSE products in Egypt which include Home Appliances, Air Conditions, TVs and Mobile Phones through its factory in 6th of October, Egypt. HISENSE products have been in the Egyptian market since 2008 and have gained significant market share since its launch.
Mr. Hazem Barakat, Chairman of Beltone highlighted that the transaction targets an increase in the company’s investments in Egypt to expand the company’s market share and product range.
Additionally, Mr. Hany Shams, Chairman of Shams Industrial, announced that the company signed an MOU today with HISENSE international in China during the President Mohammed Morsi’s visit, for an industrial park in Egypt.
The industrial park’s construction is planned to be built on 200,000 sqm of land with an investment of $130 mn and a production capacity of 500,000 ACs and 1.5mn units of white goods. The industrial park will target the Egyptian market as well as act as an exporting hub to Africa, Middle East and Europe.
