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The entering into of a formal agreement follows on from the announcement of thesigning of the Memorandum of Understanding between Speedy and AFC in July 2009.
Under the terms of the Strategic Services Agreement, Speedy will, in addition to becoming AFC's exclusive provider of light plant and equipment across the Middle East and North Africa, provide a full range of asset management and logistical services using its new and innovative IT and business process platforms.
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Under a separate agreement signed with AFC, Speedy has acquired certain light plant and other assets from AFC for a cash consideration of £4.1million which, together with existing equipment transferred from the UK and investment in new equipment, takes Speedy's overall investment to support AFC's specific requirements to some £8.5 million.
In addition to supporting a number of long-term AFC projects in the UAE, under the terms of the Strategic Services Agreement, Speedy will in due course extend its support to other projects in the region.
Formal completion of the above arrangements, which is subject to Speedy finalising the establishment of its local trading entity and obtaining relevant local trading licences, is expected to take place later this month.
Steve Corcoran, Speedy's CEO, said: "We are delighted to announce this further development of our strategic relationship with Carillion. This underlines the long term value of our strategy of deepening our relationships with leading international contractors and industrial clients and highlights Speedy's rapid progress in becoming an international services business"
(CD/BMcC)
