Swicorp takes stake in Turkey carpet firm
Riyadh, July 21, 2008
Swicorp has acquired a major stake in Step, a leading carpet manufacturer and retailer in Turkey.
The move came about as both companies were keen to capitalise on their individual growth potential.
Swicorp is a leading financial advisory and private equity firm in the Middle East and North African region while Step has redefined the carpet business, exporting to 35 countries worldwide and looking to grow its retail network to over 200 sales outlets by 2011.
Swicorp's managing director of private equity, Nabil Triki, said the company has been investigating the Turkish market for several years and has now made it a strategic destination among countries where it plans to make further investments.
Step chairman Cem Sengor said: "Swicorp is a strategic power in the Europe, Middle East and North Africa triangle, where Step plans to focus on its investments."
Swicorp is headquartered in Riyadh, with a network of offices in Tunis, Jeddah, Dubai and Algiers. - TradeArabia News Service