Home | News    Friday 19 October 2007

Sudan Giad plans Dubai listing to fund growth

separation
increase
decrease
separation
separation

October 18, 2007 (KHARTOUM) — Sudan’s heavy industry group, Giad, plans to float shares in its automotive and metals units on exchanges in Dubai and Khartoum as it seeks to raise funds for expansion, a company official said.

"To expand we need more money so we are looking for people to invest in Giad," Ahmed Osman, Giad’s director of administration, told Zawya Dow Jones in an interview from his office in Giad Industrial City, on the western bank of the Blue Nile south of Khartoum.

"We are intending to register on the stock markets in Khartoum and Dubai," Osman said.

Dubai, the second-largest sheikdom in the United Arab Emirates, is seeking to attract Middle East companies to cross list their shares and tap the emirate’s booming finance industry.

"We think Dubai is a more relevant stock market for us," said Osman. "It is relevant to our operations and they believe in Sudanese business. The Middle East is welcoming for us."

Giad, which consists of thirteen separate companies that make vehicles and cables as well as metals for oil pipelines, wants to list its Giad-El Sewedy Cables Company, or GESCO and Giad Automotive Industry Company by the end of 2008, Osman said.

"We have chosen our automotive and cables companies because they are both technically ready and financially secure enough to go on the stock exchange," he added.

Giad group, which was set up by the Sudanese government in 1997 to encourage industry in the country and increase skills in Sudan’s labor force, has become a household name in the Sudan with homegrown Giad passenger cars being favored to foreign imports.

Giad Automotive is the biggest and most profitable of Giad’s operations. It assembles up to 12,000 vehicles a year, ranging from the $15,000 Accent passenger cars licensed by Korea’s Hyundai, to $100,000 heavy-duty trucks licensed by Germany’s Man Group and France’s Renault for sale in Sudan.

GESCO, a 2002 joint venture between Sudan’s Giad and Egypt’s El Sewedy, produces up to 10,000 tons of aluminum and copper wires a year for use as telecommunication, power and control cables in Sudan. El Sewedy owns 45% of the company and the government’s GIAD owns 55%.

"In 2006, 23% of Giad profits were from our automotive company. That is approximately $40 million," Osman said. "GESCO contributed to $3 million of the net profit."

Giad Industrial City was built in 1997 by the government to house Giad factories and its 1,500 workers. It spans 15 square kilometers and has its own hospital, schools, mosques and theme parks.

(Zawya Dow Jones)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Holding accountable those enabling genocide in Sudan 2016-12-05 05:30:49 Eric Reeves As grim genocide by attrition in Darfur is set to enter its fifteenth year, as Khartoum’s claim of a purely nominal “cease-fire” in South Kordofan is belied by repeated reports of Sudan (...)

Sudan’s Civil Disobedience, a model for political change 2016-12-04 05:23:21 by Mahmoud A. Suleiman According to Gene Sharp of Albert Einstein Institution in his masterpiece book from Dictatorship to Democracy, he quoted Civil Disobedience among the 198 Methods of (...)

Sudan’s Civil Disobedience: Africa’s latest "Hashtag Revolution"? 2016-11-30 06:14:21 by Suliman Baldo November 29, 2016 “Because of the nature of the dictatorship we are under, you are forced to embrace the use of social media, . . . It’s not secure to try and use the tactics (...)


MORE






Latest Press Releases


Conspiracy, rumour mongering and power struggle behind alleged case of corruption in president’s office 2016-12-05 05:36:45 FOR IMMEDIATE RELEASE 4 December, 2016 Legal Watch Associates South Sudan has been following up the alleged case of corruption in the Office of the Pesident. The case involved 16 people from (...)

Amnesty urges to investigate chemical weapons Sudan’s Jebel Marra 2016-10-12 12:52:01 Sudan: International chemical weapons investigation urgently needed into horrific Jebel Marra attacksAMNESTY INTERNATIONAL NEWSFLASH 11 October 2016 Sudan: International chemical weapons (...)

UNAMID JSR’s statement read to the media on peace in Darfur 2016-10-10 20:57:56 African Union United Nations Mission in Darfur Though the region of Darfur is relatively peaceful at this time, a small portion of Jebel Marra within Darfur continues to be intermittently (...)


MORE

Copyright © 2003-2016 SudanTribune - All rights reserved.