Duncan Engineering Ltd Enters Joint Venture with Jubail Pearl Company Ltd in Saudi Arabia

Duncan Engineering Ltd has executed a Joint Venture Agreement with Jubail Pearl Company Ltd (JPC), based in Saudi Arabia, to establish manufacturing facilities for the company's product line. The JV will focus on supplying to Oil & Gas and other projects in the Kingdom of Saudi Arabia. The JV company will have an authorized capital of SAR 600,000, with Duncan Engineering Ltd holding 90% of the paid-up capital and JPC holding 10%. The JV company will be established for an initial term of twenty (20) years, with the possibility of renewal. The registered and head office of the JV Company shall be in either Dammam or Jubail, Kingdom of Saudi Arabia. This venture is expected to explore and participate in the opportunity for Duncan Engineering's product in Saudi Arabia.