Punj Lloyd Ltd., a transnational company specializing in the energy, infrastructure and petrochemical sectors, said its wholly owned subsidiary Sembawang Engineers & Constructors Pte Ltd. entered into a 49:51 joint venture with Dayim Al-Haditha in Saudi Arabia, promoted by HRH Prince Khalid Bin Bandar Bin Sultan for partnership and investment.
Dayim Sembawang Engineering LLC will offer expertise and services in infrastructure projects such as hotels, hospitals, residential and commercial towers with high specifications and retail developments with the Kingdom of Saudi Arabia.
The New Delhi-based company said the jointly owned company would be incorporated under the name Dayim-Sambawang Engineering LLC. with a share capital of Saudi Riyals 2,000,000, consisting of 100,000 shares of Saudi Riyals 20 each.
In May 2006, Punj Lloyd established its presence in Saudi Arabia by forming a joint venture with HRH Price Khalid Bin Bandar Bin Sultan, in which Punj Lloyd holds 49% and the latter 51% stake. This JV offers engineering, procurement and construction services for oil and gas, petrochemical and infrastructure sectors.
Dayim was established as a vehicle for investment and partnership in the rapid growth environment of modern Saudi Arabia. It operates and manages its companies in sector with above average market growth potential using a combination of joint venturing, investment and strategic partnership. Dayim is active in a number of sectors including construction, security, financial services and real estate.
The Chairman of Punj Lloyd, Atul Punj, said, "Saudi Arabia is an important market for us. With our first JV with HRH Prince Khalid Bin Bandar Bin Sultan, we have been able to establish our presence in the country and now we are looking at opportunities to further expand our building and infrastructure operations in the region. He added that this JV with Dayim Al-Haditha would enhance Sembawang and Dayim's operational and service capabilities."
HRH Price Khalid said, "Saudi Arabia is in the midst of an unprecedented boom in infrastructure investment. During the next five to ten years, over $500 billion of construction projects are planned in Saudi Arabia and the majority of these are critical to the country's future prosperity and development. We are glad and proud to announce this joint venture with one of the largest E&C companies in South East Asia and also a world leader in quality and safety."
The company said Adnan Abdul Jawad, the Chief Executive Officer of Dayim Punj Lloyd, the first joint venture between HRH Prince Khalid Bin Bandar Bin Sultan and Punj Lloyd, would also be the CEO of the Dayim Sembawang joint venture.
Punj Lloyd clocked consolidated net profit of Rs.358 crores on net revenue of Rs.7,753 crores for the fiscal year ended March 31, 2008.
At the BSE, Punj Lloyd closed Monday's trading at Rs.213.30, up by Rs.14.30 or 7.19% on volume of 20.32 lakh shares.
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