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Pharmaniaga Bhd Announces Proposed Joint Venture With Modern Healthcare Solutions Company Limited

Monday, 20 May 2013 06:33am EDT 

Pharmaniaga Bhd announced that, Pharmaniaga entered into a joint venture agreement (JVA) with Modern on May 18, 2013 (Pharmaniaga and Modern are collectively referred to as the Parties or Shareholders) to form and operate a joint venture limited liability company (JV Company) in the Kingdom of Saudi Arabia (KSA). Upon incorporation of the JV Company, each Party will have a 50% equity interest in share capital of the JV Company. The Proposed Joint Venture involves Pharmaniaga and Modern forming a Saudi Arabian limited liability company to be headquartered in Riyadh, KSA which shall be named Modern-Pharma Company Limited or such other name as may be determined by the Parties (as the shareholders of the JV Company) in accordance with the terms of the JVA and approved by the Saudi Arabian Ministry of Commerce and Industry (MoCI). The initial duration of the JV Company will be 15 years effective from the date of its corporate registration. 

Company Quote

0.08 +1.72%
19 Sep 2014