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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Panceltica | LSE:PANC | London | Ordinary Share | JE00B2Q7JM31 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 7061D Panceltica Holdings Limited 18 September 2008 For Immediate Release 18 September 2008 Panceltica Holdings Limited (Panceltica) Joint Venture Agreement Panceltica Holdings Limited (Panceltica), the AIM listed company based in Qatar which provides fast track steel technology to the international construction industry, announces that it has entered into a legally binding Memorandum of Understanding (MoU) with Smart Cities Est, a company registered in Saudi Arabia, whereby a joint venture company will be established in the Kingdom of Saudi Arabia. The joint venture company, to be called Panceltica Saudi Arabia Limited (the Saudi Company), will be owned 70% by Smart Cities, 15% by Panceltica, and 15% by Strategic Partner Limited (an investment company, which holds 32,760,000 ordinary shares in Panceltica, and which is managed by a partnership in which Faisal Belhoul, a director of Panceltica, is a partner). The joint venture, which will operate for a minimum of 7 years, will act as Panceltica's sole representative in the Kingdom of Saudi Arabia, and with the backing of Smart Cities and His Highness Prince Turki bin Abdullah bin Abdulaziz, the joint venture intends to construct significant volumes of buildings in the Kingdom of Saudi Arabia, being in the period of one year commencing 1 September 2008 projects equivalent to 500 units (100,000 sq metres), in 2009 projects equivalent to 5,000 units (1 million sq metres) and in each year thereafter projects equivalent to 10,000 units (2 million sq metres). This will make a real impact on the demand for housing and other buildings in the Kingdom of Saudi Arabia. The Chief Executive Officer of Smart Cities Mr. Mohammed A. Al Mansour said: "We recognise the need in the Kingdom of Saudi Arabia for modern buildings, constructed without the delays inherent in traditional building techniques. Panceltica Saudi Arabia, with its ability to adopt the exciting Panceltica technology, will meet this need." Paul Fraser, the Chief Executive Officer of Panceltica, said "As an international business, based firmly in the MENA Region, we regard the Kingdom of Saudi Arabia as critically important to our continued growth, and we see this MoU as a major step towards meeting our strategic goals." For further information please contact: Panceltica Holdings Limited Today: Tel: +44 (0) 20 7466 5000 Paul Fraser, Chief Executive Officer Thereafter: Tel: +974 462 2252 Ben Bright, Chief Financial Officer Anthony Wilson, Deputy Chairman Tel: +44 (0)207 489 4500 Blomfield Corporate Finance Limited, Nominated Toby Howell/ Charlie Hill-Wood Tel: +44 (0)20 7382 4450 Hichens, Harrison & Co. plc, Broker Martin Lampshire Tel: +44 (0) 20 7466 5000 Buchanan Communications Mark Edwards / Jeremy Garcia This information is provided by RNS The company news service from the London Stock Exchange END JVEFKOKBOBKDDCD
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