RIYADH: Al Hassan Ghazi Ibrahim Shaker Co. and Italy’s Bompani have signed an initial agreement to set up a joint venture factory to manufacture cooker ranges in Saudi Arabia.
A sole distributor of LG air conditioners in the Kingdom, Shaker said in a bourse filing that the memorandum of understanding will be valid for one year starting May 25.
“Our joint venture will combine experts from Shaker Group and Bompani to deliver an exceptional portfolio of quality cookers range. This partnership is consistent with our continued efforts to execute and deliver on Shaker Group’s strategic initiatives of growth, innovation, and diversification,” Mohammed Ibrahim Abunayyan, CEO at Shaker Group, said in a press statement.
The company did not provide further details on the deal, noting that the financial impact cannot be determined at this stage.
Founded in 1950, the Saudi-listed Shaker group is the exclusive importer and distributor of several leading international brands, including Maytag, Ariston, Indesit, Midea, and Bompani in the Kingdom.
Italy’s Bompani operates in the same industry. It was established in 1954 in the city of Modena, according to its website.