PRESS RELEASE : Hyundai Construction Equipment Signs Distributorship Agreement with NEFC to Enter East African Market

DGAP-News: Hyundai Construction Equipment / Key word(s): Agreement 
Hyundai Construction Equipment Signs Distributorship Agreement with NEFC to Enter East African Market 
2021-02-22 / 12:15 
The issuer is solely responsible for the content of this announcement. 
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Hyundai Construction Equipment Signs Distributorship Agreement with NEFC to Enter East African Market 
HCE signs distributorship agreement with NEFC to aggressively penetrate the East African market 
- NEFC exerts great influence in East Africa as a dealer specializing in construction equipment/agricultural machinery 
with history of 156 years 
- First-ever virtual distributorship agreement signed on Feb. 9 
- "Will maximize synergistic effects to play a leading role in East Africa" 
SEOUL, SOUTH KOREA / ACCESSWIRE / February 22, 2021 / Hyundai Construction Equipment (HCE), an affiliate of the Hyundai 
Heavy Industries GROUP, announced that it would accelerate its forays into the East African market through the signing 
of a distributorship agreement with NEFC. The Company said that it signed the online distributorship agreement with 
NEFC of Ethiopia on February 9, including NEFC in its broadrange dealer network handling the following five countries: 
Ethiopia, Djibouti, Somalia, Somaliland, and South Sudan. 
NEFC, which operates many businesses such as construction, mining, hospitality, aviation, etc., is owned by Mr. 
Mohammed Hussein Al Amoudi, who is said to be one of the richest businessmen in the world. As such, NEFC is considered 
the most influential construction equipment dealer in East Africa. It has engaged in the business dealing in 
construction equipment, vehicles, and agricultural machinery over the past 156 years and established the total solution 
infrastructure handling parts and after-sales service. 
HCE has already established solid footholds in Sudan and Algeria and expects to make more aggressive forays in other 
countries in East Africa, which is a prosperous market for construction projects such as dams, highways, commercial/ 
residential buildings, harbors, railroads, and mines, through the agreement. 
Through the agreement, HCE intends to supply excavators, wheel loaders, backhoe loaders, motor graders, and forklifts 
and strive to meet customers' needs in that part of the world with focus on diverse solutions and educational sessions 
provided to teams in charge of sales, services, and parts. 
The two businesses agreed to sign the unprecedented online agreement to overcome the difficult situation caused by 
COVID-19. The signing event was started with the introduction of participants, showing of their PR films/business 
presentations, congratulatory speeches, signing ceremony, and photo-taking. The part of the event that was particularly 
eye-catching was the photo-taking. The Chief Sales Officer of Hyundai Construction Equipment, Mr. Moon, Jae-young 
signed the agreement in Korea, and Mr. Hussain Al-Amoudi signed it in Ethiopia. Each then showed the document that each 
signed to the other, and the image of Mr. Hussain Al-Amoudi was included in the background of the photo taken of Mr. 
Moon using a special technology. 
"We expect to increase our market share in East Africa considerably by teaming up with NEFC, which is exerting a great 
influence there. We hope that teaming up with an influential business there, along with the expansion of customized 
service, will incessantly develop the East Africa market. " Mr. Moon, the CSO of HCE, commenting on the matter. 
For his part, Mr. Hussain Al-Amoudi of NEFC expressed gratitude to HCE for coming up with the idea of signing the 
agreement online. "HCE is a reliable business, and I trust that our partnership will contribute to the modernization of 
East Africa and expansion of NEFC's business," he added. 
55,Bundang-ro, Bundang-gu, 
Seongnam-si, Gyeonggi-do, Korea 
www.hyundai-ce.com 
For inquiries, please call : [phone] 
Contact 
Name: Yejin Lee 
Email: [e-mail] 
Mobile: [phone] 
SOURCE: Hyundai Construction Equipment 
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2021-02-22 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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1170018 2021-02-22

(END) Dow Jones Newswires

February 22, 2021 06:16 ET (11:16 GMT)