Interior contracting services provider Depa yesterday said it raised its shareholding in Amman-based Jordan Wood Industries Company to 36.4 per cent by acquiring another 22.2 percent stake worth Dh27.9 million through an issue of new shares. This solidifies Depa's foothold in the Jordanian market and marks the first steps to establish Depa Jordan, scheduled for later this year, the Dubai International Financial Exchange-listed company said in a statement.
"This acquisition, which continues our strategy of vertically integrating manufacturing and procurement, strengthens Depa's core manufacturing support and establishes its position in Jordan. We have confidence in Jordan Wood's industry expertise and believe that our complementary strengths will allow us to provide our clients with competitive turnkey solutions," Chief Executive Mohannad Sweid said.
Depa and Jordan Wood have collaborated on a number of fit-out projects in the past, such as Le Royal Amman and Sheraton Amman Al Nabil Hotel & Towers. "Depa and Jordan Wood share a vision in offering high quality products for high end customers. Our clients recognise the value of quality and our partnership with a leading company like Depa is a clear indication that our products and business practices are of international standards," said Najib Qubain, Chairman and General Manager of Jordan Wood.
Depa has established operations in a number of jurisdictions and through acquisitions and new joint ventures in the region. It has entered markets such as Saudi Arabia, Qatar, Morocco, India and Libya.
It has also acquired stakes in joinery and manufacturing businesses, a procurement company and specialised interior fit-out businesses; which has facilitated the continuing backward integration of the supply chain. Jordan Wood supplies and provides solutions for wooden furniture to customers in Jordan as well as other countries.