Depa Limited, a leading provider of interior contracting services in the Middle East and North Africa, has acquired a 22.2 per cent stake in Jordan Wood Industries Company (JWICO).

The new acquisition, worth Dh27.9 million ($7.6 million), takes Depa’s total holding in the company to 36.4 percent.

This move, conducted by capital increase in order to expand JWICO’s facilities, further solidifies Depa’s foothold in the Jordanian market, and marks the first steps to establish Depa Jordan, scheduled for later this year, said a statement.

Mohannad Sweid, CEO of Depa, said: “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 JWICO’s industry expertise and believe that our complementary strengths will allow us to provide our clients with competitive turnkey solutions.” 

Depa and JWICO have executed a number of fit-out projects in the past, such as Le Royal Amman and Sheraton Amman Al Nabil Hotel & Towers.

Najib Qubain, chairman and general manager of JWICO, said: “Depa and JWICO 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.”

JWICO, an Amman-based wood manufacturing specialist, supplies and provides solutions for wooden furniture to customers in Jordan as well as other countries, which include doors, kitchen cabinets, bedroom and office furniture. – TradeArabia News Service