Mencast inks MOU with Takamul Investment for downstream solutions in Oman

Management expects more demand from the Middle East.

In a release, Mencast Holdings Ltd announced that its subsidiary, Mencast Energy Pte Ltd, has entered into a non-binding Memorandum of Understanding with Takamul Investment Company, to co-operate in analysing downstream ventures within the Sultanate of Oman.

“The Middle East is a vastly promising market for our Group,” said Mr. Glenndle Sim, Executive Chairman and CEO of Mencast. “There is demand for many of our services, particularly in Offshore & Engineering and Energy Services. We aim to have a significant portion of Group revenue from the Middle Eastern region in the future.”

The first potential project being examined under the MOU is the engineering, procurement, installation and commissioning (EPIC) of a downstream treatment plant. Further announcements on progress of the feasibility of this project will be made as appropriate.

The collaboration is not expected to have a material impact on the earnings per share and net tangible assets per share of the Company and its subsidiaries for the current financial year ending 31 December 2013.

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