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


Sudan’s interest in South Sudanese peace 2017-01-23 10:15:06 By Rashid Abdi Sudan and South Sudan’s relationship is of vital importance to resolving conflicts in both countries. Khartoum, and other countries in the region, clearly benefit from a stable (...)

South Sudan: Strategic choice between bribery and right to self-determination for Saharawi people 2017-01-22 22:03:05 By Beny Gideon Mabor, Esq Western Sahara known as Saharan Arab Democratic Republic (SADR) was Spanish protectorate in the Maghreb region of North Africa. It is situated north of Kingdom of (...)

Armed Struggle and Civil Resistance in Sudan: A catch 22 situation 2017-01-22 08:22:12 By Elwathig Kameir 1. The Sudan People's Liberation Movement-North (SPLM-N) issued a press statement, on Jan. 17, declining a US initiative (of which I have seen a copy) for the delivery and (...)


MORE






Latest Press Releases


Abduction of S. Sudan Chief Justice’s aide illegal, should be condemned 2017-01-16 05:27:50 FOR IMMEDIATE RELEASE 16th January 2015 Legal Watch Associates South Sudan has learned with shock and dismay the abduction of Mr Gama Thomas, an aide to the Chief Justice, Chan Reech Madut. (...)

Carter Center welcomes new regulations on humanitarian affairs 2017-01-12 07:53:16 The Carter Center ATLANTA, Januarg 11, 2017 – The Carter Center welcomes the recent regulations issued by the government of Sudan aimed at facilitating humanitarian relief throughout the country (...)

Nertiti massacre in Central Darfur exposes the criminal nature of Bashir’s regime 2017-01-03 11:54:47 Sudan Democracy First Group Nirtiti massacre in Central Darfur exposes the criminal nature of Bashir's regime 2 January 2017 On the first day of 2016, and only one day after President Bashir's (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.