Accsys wins licence option agreement with Al Rajhi
Date: Monday 15 Oct 2007
LONDON (ShareCast) - Accsys Technologies' wholly-owned subsidiary Titan Wood has won a licence option agreement with Al Rajhi to manufacture 100,000 cubic metres of Accoya wood in five Middle East countries.
The terms of the deal include a premium payment of €100,000 and six months exclusivity for Kuwait, Bahrain, Qatar, Oman and Saudi Arabia. Al Rajhi owns about 5.8% of the company.
As with previous licence option agreements, terms of the licence include licence fee payments of €200 per cubic metre of nameplate capacity and €22 per cubic metre of production royalties for twenty years.
“We have learned a huge amount about the Middle East market, through this relationship, and realise that the potential for Accoya will be exploited to the full, with such a strong commercial partner supporting it,” said chief executive Willy Paterson-Brown.
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