The Clap Egyptian Kuwait Holding (EKHO) announced a joint venture with German compressed wood manufacturer, Homann Holzwerkstoffe.
The deets As per the partnership, Homann will acquire a 27% stake in EKH’s subsidiary, Global MDF Industries.
The acquisition will be carried over two steps. The first includes a 16.2% stake after signing the agreement, and the second will be a 10.8% stake when production starts, which is scheduled in Q4-2022.
More on Global MDF Industries? The company specializes in the production of chipboard, which is used in furniture, buildings, etc.
EKH stated that the partnership’s purpose is to meet the local market’s needs and to ensure high-quality exports.