By: Ahmad Allam
Cairo – Mubasher: The leading Japanese group Daikin Industries has signed an agreement with BPI Partners to establish a joint project in Cairo, said CEO of Daikin Egypt.
The issued and paid-up capital of the new air conditioning company stands at EGP 47 million, the CEO told Mubasher in a phone interview.
The equity ownership is distributed as 60% for the Japanese Daikin Industries and 40% for BPI Partners, he added.
We are not currently considering manufacturing and assembling air conditioners in Egypt, as we are focusing on the selling process and the after-sales service, the CEO noted.
The company is still in negotiations with the Egyptian partner over the currency crisis which Egypt is currently facing, as well as the imports procedures, the CEO said.
Daikin has chosen Egypt as a platform for future expansion in the Middle East and Africa, through the experience of the local company BPI Partners in cooperation with Daikin Middle East office in Dubai, the Japanese company said in a recent statement.
Translated by: Ingy ElSafy
