MTD entered into a Joint Venture and Shareholders' Agreement with ANC on Dec 21 to incorporate a joint venture company in Saudi Arabia, MTD said on Tuesday.
MTD will hold 51% equity in the company, with ANC holding the remaining 49% from an initial issued share capital of 100,000 Saudi riyals (RM).
ANC, a Singapore-based company, is primarily involved in international business development, project development and consultancy.
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