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Eversendai Resources Forms JV with Algihaz for Saudi Steel Projects

Eversendai Resources Bhd’s wholly-owned subsidiary, Eversendai Resources Sdn Bhd (ERSB), has forged a partnership with Algihaz, a Saudi Arabia-based company, to establish a joint venture (JV) focused on executing structural steel projects in Saudi Arabia.

The JV agreement stems from the memorandum of understanding (MOU) signed between Eversendai and Algihaz on October 13. As per Eversendai’s disclosure to Bursa Malaysia, the joint venture will be named Eversendai Algihaz Structures LLC.

It’s worth noting that the MOU’s execution is not anticipated to have a significant impact on the financial performance, net assets, leverage, share capital, or shareholdings of ERSB for the fiscal year ending December 31, 2023 (FY2023).

In a recent announcement, the Eversendai group revealed its bid for structural steel projects in Saudi Arabia valued at Rs 2.62 billion.

Eversendai boasts an annual structural steel fabrication capacity of approximately 200,000 tonnes, distributed across Malaysia, Singapore, India, the United Arab Emirates, and Qatar. Notably, the company is in the process of constructing a fabrication plant in Saudi Arabia with an annual capacity of 60,000 tonnes.

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