Shaker, LG extend partnership for 10 years

Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) on Wednesday signed a deal with LG Electronics to extend for 10 years the partnership agreement between them on LG Shaker Co.

Shaker holds 49 percent while LG controls 51 percent in LG Shaker Co., which makes air conditioners locally.

The original agreement was signed on September 23, 2006 for a period of 10 years, with an automatic renewal for one year, the company said in a statement to Tadawul.

The contract extension will have a positive financial impact on Shaker as the air conditioner segment contributes the most to the company’s total revenue.