Shares were higher in Westminster Group PLC on Friday as it entered a joint venture agreement with Saudi Arabian technology services and products provider Hazar International.
Shares in the security services group were up 19% at 12.20 pence on Friday.
Under the agreement, the two companies will form a 50:50 joint venture under the name Westminster Arabia, which will pursue large-scale and long-term managed services security projects for Saudi Arabia’s ports and airports.
“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,” said Chief Executive Officer Peter Fowler.
“We have already held joint meetings with both port and airport authorities within the country and further meetings are being organised. Whilst there is never certainty of timing or outcome of any such prospects, we are extremely encouraged by the opportunities this latest growth strategy offers.”