RAK Ceramics seeks African foothold at Ghana show
Tile giant continues expansion plan with showcase at Accra exhibition
RAK Ceramics, the ceramic tiles manufacturer based in Ras Al Khaimah, is to push its international expansion in Africa with a showcase of its ceramic tiles and other products at the 8th International Building Construction & Water Exhibition to be held in Accra, Ghana.
The exhibition – between 16-19th September – is one of the biggest building and construction events in West Africa.
“Africa is a major growth destination that offers excellent long-term business prospects and we believe that RAK Ceramics is ideally positioned and fully equipped to cater to the present and future demands of the African market,” Abdalla Massaad, deputy CEO of RAK Ceramics, said.
“There are several strategic partnerships, business leads and projects that we have identified in West Africa and we expect to further expand our presence in this region through our participation in major networking activities."
Abu Dhabi-listed RAK Ceramics is the world’s largest manufacturer of ceramic and porcelain tiles, and one of the biggest companies in the emirate. Its sales exceed USD 1 billion global, and its market capitalisation is AED1.047 billion.
In July the company revealed that it is considering an initial public offering in India, another high-growth area in which three out of four of all tiles manufactured in the company come from RAK Ceramics production lines, according to marketing manager Abdulla Mahmood. He was unavailable for further coment at deadline.
The offering would follow its IPO in Bangladesh, one of its biggest production venues, which raised US$ 250 million.
The company’s share price has gyrated widely since the beginning of the third quarter, rising from AED1.37 on 1st July to AED1.79 by the 26th of that month and slumping yesterday 1.97% to AED1.52.