ZAMIL INDUSTRIAL RESTRUCTURES ITS MAIN SECTORS (CONTINUED)

Zamil Industrial has been present in the Indian market for several years through its pre-engineered steel plant, engineering and information technology offices, and Zamil Infra Pvt. Ltd. 

On the other hand, the company has decided to reduce its share in Geoclima Srl, Italy, from 85 percent to 45 percent by selling 45 percent to the founding partner, Mr. Paolo Ferraris, for a total value of approximately SAR 8.4 million (Euro 1.7 million), and will have an impact on the Q4 2012 financials. The companys decision to reduce its share was based on its strategic plan to realign its businesses to increase returns for its shareholders, in addition to shrinking demand for specialized air conditioning solutions in the European continent. Despite reducing its shareholding, Zamil Industrial will continue to own the technology since Italy is considered one of the leading technology, research and development centers in Chillers and air handling units. This technology will remain to be used in its HVAC manufacturing facilities in both Saudi Arabia and India.