4 Nov 2010 07:00
Quadrise Fuels International plc ( "Quadrise", "QFI", "the Company")
Corporate Structure Developments
Formation of Quadrise Asia Limited ("QAL")
4 November 2010
Further to the announcement on 25 October 2010, Quadrise Fuels International plc (AIM:QFI) today announces the completion of the formation of an additional operating subsidiary, Quadrise Asia Limited ("QAL"), to develop and progress Quadrise MSAR fuels business opportunities in the Asian market.
On 18 October 2010, the Company announced the restructuring of its interests into:
·; 'managed' interests which are held by a 100% owned subsidiary, Quadrise International Limited ("QIL"), and;
·; 'non managed' equity interests in Canadian associate companies, which are directly held by QFI itself.
Also announced was the formation of three operating subsidiaries formed to progress active projects presently under development with joint venture partners being:
- Quadrise Marine Limited - marine fuels business development;
- Quadrise KSA Limited - Saudi business development; and
- Quadrise Americas Limited - Mexican business development.
On 25 October 2010 the Company announced that QIL had concluded an agreement with PowerSeraya (Ltd) to jointly investigate opportunities for the supply of Quadrise MSAR fuel to their Singapore generating facilities. The agreement provides that on confirmation of viable supply, the parties will progress directly to a commercial phase in which Quadrise MSAR fuel will displace more expensive heavy fuel oil.
QAL follows the same model as the other operating subsidiaries being 75% owned by QIL and 25% owned by management. In addition to progressing the PowerSeraya fuel supply programme, QAL will also identify and develop other managed business opportunities in the Asia region.
Ian Williams, Executive Chairman of QFI advised: "The formation of Quadrise Asia Limited is a logical progression of the QFI group restructuring programme. Aside from providing a focus for development of the business in the Asia region, it also enables further flexibility in future funding"
Enquiries:
Quadrise Fuels International plc
Tel: +44 (0)20 7550 4931
Ian Williams, Executive Chairman
Hemant Thanawala, Finance Director
Fairfax I.S. PLC
Tel: +44 (0)20 7598 5368
Simon Bennett/Katy Birkin