Shaker, LG extend distribution deal for three years

Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) on Thursday signed a deal with LG Electronics to extend for three years their exclusive air-conditioning distribution agreement on starting from Jan. 1, 2017.

The deal renewal will have a direct and sustainable impact on Shaker's financial statements especially as LG-branded air conditioners account for 72 percent of the company's total sales, Shaker said in a statement to Tadawul.  

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

The original agreement was signed in 1995, the statement added.