| 10 Mar 2010 |
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Malaysian Firm to Launch SR15m Carbon Plant in Dammam
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JEDDAH -- Pantech Group Holdings Bhd of Malaysia is to establish a SR15 million carbon steel fittings plant in Dammam.
The memorandum of understanding and agency agreement in this regard between Pantech International (KSA) Sdn Bhd and Saudi-based Abdul Rahman Al Otaishan Trading Group (Al-Otaishan Group) was signed in Kuala Lumpur on Monday, according to a report by the Bernama news agency. The signing ceremony was witnessed by Deputy Finance Minister Datuk Wira Chor Chee Heung.
Al Otaishan will be the sole distributor and agent for Pantech's products in Saudi Arabia and non-exclusive distributor and agent in the other Gulf Cooperation Council (GCC) countries. Adrian Tan, the company's executive director said after the signing ceremony that the first phase of the plant was expected to be ready before the financial year ending February 28, 2011.
Pantech, a manufacturer of pipes, fittings and flow controls for the oil and gas industry, expects a revenue of SR50 million to be generated in the first year of the plant's operations. Tan said within three years, Pantech hoped its overseas operations would contribute about 40 per cent to the group revenue, which currently stands at 27 per cent.
© Khaleej Times 2010
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