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Westminster Group Stock Climbs On New JV Deal In Saudi Arabia

Shares of Westminster Group Plc (WSG.L) were gaining around 20 percent in London trading after the supplier of managed services and technology-based security solutions announced Friday that has entered into a joint venture agreement with Hazar International in the Kingdom of Saudi Arabia.

The companies entered into a formal shareholders agreement to form a 50.1% Group owned joint venture subsidiary, registered in Saudi Arabia, under the name Westminster Arabia.

Under the JV terms, the companies have agreed to work exclusively together in the pursuit, amongst other things, of large-scale and long-term managed services security projects at KSA's ports and airports.

They have also acknowledged and agreed that this agreement will not in any way affect Westminster's business outside of Saudi Arabia.

Westminster's Chief Executive Officer, Peter Fowler, said, "The business opportunities for Westminster's products and services within Saudi Arabia are substantial and the formation of Westminster Arabia will represent an important strategic development for the Group."

Fowler added that under the Saudi Vision 2030 Privatisation Programme, the government's objective is to strengthen the role of the private sector through Public Private Partnerships and Build-Operate-Transfer concession arrangements and outsourcing of services. This includes the country's ports and airports.

In London, Westminster Group shares were trading at 12.31 pence, up 20 percent.

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