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Pason Announces Joint Venture Agreement

Source: The Wall Street Journal 6/16/2014, Location: Middle East

Pason Systems Inc. Announced that is has executed a joint venture agreement with Rawabi Holding Company Limited ("Rawabi") that determines the terms and conditions for the formation of Rawabi Pason Company Limited. The newly formed company will be registered under the laws of the Kingdom of Saudi Arabia.

Under the terms of the agreement, each of Rawabi and Pason will own 50% of the issued and outstanding stock of the company and shall each nominate two individuals to the board of directors.

The new company will be the exclusive distributor of Pason's industry leading data management systems for drilling rigs in the Kingdom of Saudi Arabia and will serve as service provider for Pason in certain countries in the region.

Commenting on the agreement, Mr. Marcel Kessler, President and Chief Executive Officer of Pason stated, "We believe that there is a significant market opportunity for Pason products and services in the Kingdom of Saudi Arabia and the broader Gulf area. We are delighted to deepen our relationship with Rawabi, a well-respected and capable partner with significant experience serving the needs of customers in the region as well as working with international service companies through joint ventures."

For more information about related Opportunities and Key Players visit Saudi Arabia Oil and Gas Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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