MTD Capital to work with Singapore's ANC in Saudi Arabia

KUALA LUMPUR: MTD Capital Bhd (MTD) is joining forces with ANC Holdings Pte Ltd (ANC) to undertake engineering and construction of building and infrastructure projects in Saudi Arabia.

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.