Al-Hassan Shaker extends air-conditioning distribution contract with LG Electronics

Al-Hassan Ghazi Ibrahim Shaker Co extended for 3 years an exclusive contract with LG Electronics Inc. to distribute LG air-conditioning units on March 13, the company said in a statement to the Saudi bourse, Tadawul.

The financial impact of the deal, effective Jan 1, 2014 and has been extended since 1995, will be reflected in Shaker’s results.

LG air-conditioning products represent roughly 73 percent of  Shaker’s consolidated annual sales. Both companies formed LG Shaker Co joint venture in 2006 in Riyadh, the Saudi capital.

Al Hassan Shaker manufactures, sells and maintains split, window and centralized air-conditioning units. It is also involved in retail sales of electronic home appliances