Monday, October 10, 2011

MTD ACPI, MTD Capital and Metacorp to form JV for jobs in S. Arabia

KUALA LUMPUR: MTD ACPI ENGINEERING BHD [] has entered into a joint venture and shareholders agreement with MTD CAPITAL BHD [] and METACORP BHD [] to incorporate a new company in Saudi Arabia.

It said on Monday, Oct 10 that the companies intended to use the JV to undertake engineering, CONSTRUCTION [] and infrastructure projects and real estate in Saudi Arabia.

Under the agreement, MTC ACPI said the companies planned to incorporate the JV with an initial share capital of 100,000 Saudi Riyals (SR) to be divided into 100,000 shares of SR1 each.

MTD ACPI will hold a 60% stake while MTD Capital and Metacorp will have 20% each respectively, it said.

'The agreement is a foundation for setting up of the JV company, to ensure smooth collaboration between the parties in implementation and successful completion of the project to be secured and undertaken,' it said.

MTD ACPI said its investment in the JV would be financed via internally generated funds.

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