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Perma-Pipe International Holdings Inc. announces Approval of Joint Venture by The Kingdom of Saudi Arabia General Authority for Competition
SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has received approval of The Kingdom of Saudi Arabia General
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":" SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has received approval of The Kingdom of Saudi Arabia General Authority for Competition to enter into the previously announced joint venture with Gulf Insulation Group in The Kingdom of Saudi Arabia to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in The Kingdom of Saudi Arabia, Kuwait and Bahrain. Formation and commencement of the joint venture will take place over the next few weeks.\n\nGulf Insulation Group is a subsidiary of the Zamil Industrial Investment Company a Saudi Arabian public company and one of the largest industrial groups in the Middle East.\n\nThe joint venture will be 60% controlled by Perma-Pipe International Holdings, Inc. and 40% by Gulf Insulation Group through their subsidiaries, respectively.\n\nPerma-Pipe International Holdings, Inc.\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.\n\nGulf Insulation Group\n\nGulf Insulation Group “GIG” is a regional leader in the insulation business. GIG operates as a manufacturer and supplier of a complete range of insulation materials based in Riyadh, Saudi Arabia, with manufacturing plants located in Riyadh, Dammam and Al Kharj. GIG was established in 2009 as a closed joint stock company. GIG provides engineering, manufacturing and technology to supply environmentally efficient solutions to projects across the region and beyond.\n\nIn 2011, Zamil Industrial Investment Company (Zamil Industrial) merged its insulation sector with GIG and became managing partner of GIG.\n\nForward-Looking Statements\n\nCertain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933...