De La Rue awarded Saudi Arabia tax stamp contract
DE LA RUE PLC
De La Rue awarded digital tax stamp solution contract by The Kingdom Of Saudi Arabia
1 April 2019
De La Rue, the world's premier security solutions provider, is pleased to announce that it has signed a five year contract with the General Authority of Zakat and Tax (GAZT) in The Kingdom of Saudi Arabia to implement and operate a digital tax stamp solution for all tobacco products and soft drinks sold in the Kingdom.
The award reflects continued progress in De La Rue's strategy to transform the Group into a less capital intensive, more technology led business. With this contract, the previously announced contracts in the UAE, the UK and Europe, together with the ongoing existing business, De La Rue expects to double its Product Authentication and Traceability business within the next three years.
Under the agreement, De La Rue will implement its DLR Certify™ digital system to track and trace excisable products, starting with cigarettes. This solution will ensure that the country has a robust excise tax scheme in place and is tackling illicit trade directly. In parallel, it ensures that The Kingdom of Saudi Arabia complies with the World Health Organisation's Framework Convention for Tobacco Control.
The system will be delivered in May 2019 with marked cigarette products arriving in the Kingdom from August 2019 onwards; other tobacco products and soft drinks will follow on through to early 2020.
Commenting on the award, Martin Sutherland, Chief Executive Officer of De La Rue, said:
"We are honoured and delighted to have been chosen by GAZT to provide this track and trace service and to partner with them on this important initiative. In the past few years, we have been investing heavily in our authentication and traceability capability and product offerings. This award is both an endorsement of our capability and an excellent reference for De La Rue."
De La Rue plc's LEI code is 213800DH741LZWIJXP78.
Enquiries:
De La Rue plc +44 (0)1256 605000
Sinead Keller Head of Media
Lili Huang Head of Investor Relations
Brunswick +44 (0)207 404 5959
Azadeh Varzi
Stuart Donnelly
About De La Rue
De La Rue's purpose is to enable every citizen to participate securely in the global economy. As a trusted partner of governments, central banks and commercial organisations, De La Rue provides products and services that underpin the integrity of trade, personal identity and the movement of goods.
As the world's largest designer and commercial printer of banknotes, De La Rue designs, manufactures and delivers banknotes, banknote substrates and security features to customers in a world where currency will continue to be a key part of the developing payments eco-system. De La Rue is the only integrated supplier of both paper and polymer banknotes, and creates security features that ensure banknotes are protected against counterfeiting.
De La Rue is the world's largest commercial designer and printer of passports, delivering national and international identity tokens and software solutions for governments in a world that is increasingly focused on the importance of a legal and secure identity for every individual.
De La Rue also creates and delivers secure product identifiers and 'track and trace' software for governments and commercial customers alike to help to tackle the challenge of illicit or counterfeit goods and the collection of revenue and excise duties.
De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 26 minutes ago GSK
- 26 minutes ago 3i Group
- 1 hour ago M&G
- 1 hour ago AJ Bell
- 1 hour ago Pembroke Vct B