KUALA LUMPUR (Jan 6): AWC Bhd’s subsidiary is partnering with the Dallah Group Company to undertake automated waste collection system projects in Saudi Arabia.
AWC said on Friday its 51% owned Nexaldes Sdn Bhd had signed a shareholders’ agreement with Dallah on Dec 21 to set up a joint venture (JV) company.
It added Nexdales’ unit Stream Environment Sdn Bhd would undertake the projects in Saudi Arabia, which was one of the best performing fastest growing emerging markets in the world.
AWC added the JV company’s initial paid-up would be 2.0 million Saudi riyals (RM1.67 million) where Dallah would have a 75% stake and Stream 25%.
AWC said Stream’s 25% stake, comprising of 500,000 riyals, in the JV company would be funded through its own funds.
AWC said on Friday its 51% owned Nexaldes Sdn Bhd had signed a shareholders’ agreement with Dallah on Dec 21 to set up a joint venture (JV) company.
It added Nexdales’ unit Stream Environment Sdn Bhd would undertake the projects in Saudi Arabia, which was one of the best performing fastest growing emerging markets in the world.
AWC added the JV company’s initial paid-up would be 2.0 million Saudi riyals (RM1.67 million) where Dallah would have a 75% stake and Stream 25%.
AWC said Stream’s 25% stake, comprising of 500,000 riyals, in the JV company would be funded through its own funds.
