RELEASE–MESC-Fujikura Cable Company takes the Cable Industry to New Heights

Tuesday, June 19, 2007

MESC Specialized Cable Company has announced during a Gala Dinner celebration in Amman, the inauguration of a new manufacturing cable company in Jordan; “MESC – Fujikura Cable / Jordan Company” for Medium voltage power cables. The company has been established as a joint venture between MESC Specialized Cables from Saudi Arabia, Fujikura Limited from Japan and Jordan New Company from Jordan with 20 Million Jordanian Dinars as paid capital and a total initial investment of M 35JD.

Speaking at the gala dinner, MESC’s Chairman, Mr. Abdul Aziz Al-Namlah said; “different factors have contributed to grasp this partnership particularly in Jordan”. Over the years Jordan has witnessed enormous economical growth and attracted various investment opportunities due to its political strategy and its geographical location among the GCC, Levant Countries and particularly Iraq where regardless of the actual undesirable situation, a total rebuilding movement is expected in the near future. Add to this its location that faces the East African countries that are just at the other side of the Red Sea.

The massive growth MESC Specialized Cables has achieved since its inception in 1993. has exceeded all expectations and visions and has indeed progressed a long way in powering the growth of the Oil and Gas industry in the GCC, Middle East and North Africa markets, he added.

It has gone through seven consecutive expansions to increase its capacity, and expanded its wings to have regional offices and branches in KSA, United Arab Emirates and Jordan in addition to its presence in 11 countries and commercial activities throughout the world. Its holds nowadays 70% share of the KSA market, a superior percentage in the GCC, in addition to 45% of JNC acquisition to complete its product range of Low Voltage Power Cables.

As one of its kind joint venture with Fujikura Limited, one of the world largest cable manufacturers, “MESC- Fujikura Cable / Jordan Company” is yet another significant mark in the cables industry and a strategic decision for MESC to venture into the Medium voltage power cables industry. The commercial production is expected to kick off starting the third quarter of 2008 and annual revenue is expected to exceed 345 Million Saudi Riyals within the next few years, he concluded.

Mr. Abdul Raouf Bitar, Chairman of JNC Cables, said that the production facilities of the new joint-venture, is set on an area of 150,000m² in Mafraq Economic Zone, in respond to the directives of His Majesty King Abdullah to start developing the North area of the country. The project is also destined to bring great rewards for the people of Mafraq and its surrounding communities and will generate unprecedented industrial growth of the area.

"JNC Cables is a Jordanian public shareholding company and is considered one of the leading manufacturers of Low Voltage Power Cables and Wires in the Levant countries for more than a decade. The partial acquisition by MESC Specialized Cables (45%) allowed JNC Cables to take advantage of the well established presence of its new shareholder in the GCC region, particularly in Saudi Arabia, which led to the dramatic growth of the company by more than 10 times within the past 3 years. This growth is envisioned to multiply with the establishment of MESC-Fujikura Cable/ Jordan Company in Jordan, he added."

Form his side, Mr. Masao Kawabata, Fujikura Senior Executive Vice President, noted that MESC – Fujikura Cable/ Jordan Company is a key player in bringing innovations and technologies to Jordan with the aim to enhance the country’s industrial production standards and contribute to the growth of its economy. The company will import its Japanese skills and know-how to help in local development and growth.

Founded in Tokyo in 1885, Fujikura Limited is one of the largest cable manufacturers in the world, producing all types of cables including fiber optics. Fujikura Limited is listed on the Tokyo Stock Exchange. The company has 72 consolidated subsidiaries.

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RELEASE–MESC-Fujikura Cable Company takes the Cable Industry to New Heights

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RELEASE–MESC-Fujikura Cable Company takes the Cable Industry to New Heights

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