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Press Releases |
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Agreement regarding Velosi Niger - 03 Nov 2009
Velosi Limited (the Group), the provider of asset integrity and HSE services to a number of major national and multinational oil and gas companies, is pleased to announce that it has reached an agreement with the executors/beneficiaries of Richard Ogunmakin?s estate regarding the future ownership and operation of Velosi Nigeria.
Shares in Velosi Nigeria and Velosi Angola owned by Richard Ogunmakin?s estate have now been acquired by the Group and as a result, operations in Nigeria are expected to recommence under a new local manager and we anticipate that Nigeria will again make a contribution to Group revenues from 2010 onwards.
The terms of the agreement are not expected to materially affect the performance of the group as a substantial portion of provisions had already been made in prior year accounts. |
| Attachment: Agreement re Velosi Nigeria 03-11-09.doc |
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For Media enquiries, please contact:
Bunny Nabil - Corporate Communications Manager
29-3, The Boulevard Mid Valley City, Lingkaran Syed Putra
Kuala Lumpur
Malaysia
T: +603 603 2284 8178
F: +603 2284 8179
Bunny-nabil@velosi.com |
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