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


Bashir’s congratulation for Trump remains double-edged sword 2017-02-21 08:47:41 By Mahmoud A. Suleiman This is a note to the readers of this article about my use of the phrase double-edged sword. It means that Omar al-Bashir’s Speedy congratulation offer to Donald Trump (...)

South Sudan: Why ’NO’ for peace and ’YES’ for war 2017-02-20 20:45:12 By Tor Madira Machier The region and the International community has been on a campaign in a bid to end the civil war in South Sudan right after its inception in December 2013, yet the very (...)

The Nile: A source of energy, food and water for all 2017-02-20 07:19:22 By Sam Cheptoris River Nile is a trans-boundary resource shared by 11 countries in the Nile Basin, each with different and, sometimes, conflicting interests. This scarce resource is a source of (...)


MORE






Latest Press Releases


Militias of Bashir’s Regime and the Proxy War (1) 2017-02-08 21:49:09 Sudan Democracy First Group Militias of Bashir’s Regime and the Proxy War (1) War in the Blue Nile: Militias in the hunt of refugees and displaced population Introduction Throughout its rule, (...)

More refugees flee to Uganda than across Mediterranean 2017-01-25 09:15:39 January 25, 2017 Uganda welcomed more refugees last year than the total number of refugees and migrants crossing the Mediterranean into Europe. “Europe should learn from the way Uganda and other (...)

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 (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.