Kingston secures loan for Clipsal unit buy
Abu Dhabi, April 3, 2013
Kingston Holdings, a leading manufacturer and distributor of lighting and electrical equipments in the region, has signed a loan agreement with Abu Dhabi-based Finance House to facilitate the purchase of a conduit and accessory manufacturing facility of Clipsal Middle East in SAIF Zone, Sharjah.
The deal will help Kingston to expand its operations by commencing the manufacture and distribution of PVC cable management systems to be a frontrunner in the region, by fulfilling the high demand of cable management systems in the UAE and Middle East.
Commenting on the deal, Jayasankar P. Menon, the head of corporate and commercial finance for Dubai and Northern Emirates at Finance House, said: “Since inception Finance House has been focusing on creating innovative product propositions that offer great value and outstanding features to our corporate clients, enhancing our investment philosophy by partnering with companies that have great potential, and aiming at the same time for building long-term relations with our clients”.
"Our co-operation with Kingston will bring added value to our business portfolio, and further diversify the business sectors that we are involved in," he stated.
"We are sure that this expansion, will serve them being a major player in the market. Kingston is considered as a leading company in its industry and we are confident that this cooperation will be remarkable in both local and regional markets," noted Menon.
Lalu Samuel, the managing director of Kingston said the proposed alliance with Finance House will help Kingston to expand and establish its operations in PVC cable management and deliver high quality goods in the UAE and regional markets.
According to him, the Clipsal facility boasts of modern and fully automated conduit and accessory manufacturing machines. "This association will also support us in our future expansion plans in the UAE," he added.
Part of Sharjah-based Kingston Holdings Group, the company's business comprises manufacturing and distribution of electrical equipment and fittings, logistics, system integration, headhunting, smart home solutions, advertising & media promotions and project development.-TradeArabia News Service