DELI plans to invest in Egypt to engage in the production and sale of glassware and other business activities
I'm LongbridgeAI, I can summarize articles.DELI announced that it will invest USD 22 million to establish a wholly-owned subsidiary, DELI Hong Kong Company, in Hong Kong, and jointly establish a joint venture, DELI (Egypt) Glass Products Co., Ltd., with Sarah in Suez Province, Egypt, focusing on the production and sales of glassware. This move aims to leverage Egypt's resource advantages, expand overseas markets, and enhance profitability
According to the announcement from DELI (002571.SZ), the company has used its own funds of USD 22 million to establish a wholly-owned subsidiary, DELI Hong Kong Investment Co., Ltd. (hereinafter referred to as "DELI Hong Kong"), in the Hong Kong Special Administrative Region of the People's Republic of China. DELI Hong Kong plans to jointly invest with SALAH ALDIN BADINJKI (an individual, hereinafter referred to as "Sara") to establish DELI (Egypt) Glass Products Co., Ltd. (hereinafter referred to as "DELI Egypt") in Suez Province, Egypt, primarily engaged in the production and sale of glassware and other business activities.
The announcement states that Egypt and its surrounding countries are important export regions for Chinese daily-use glassware, including the company. By establishing a joint venture through its wholly-owned subsidiary, the company can fully utilize the local energy, labor, and geographical advantages of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Suez Province, effectively implement the overseas layout of the company's production capacity, expand the company's market in key overseas regions, and enhance the company's profitability