Nibe Ordnance and Maritime Limited (formerly known as Anshuni Commercials Limited) has announced that its subsidiary, Global Munition Limited, has entered into a Memorandum of Understanding (MoU) with Premier Explosive Limited (PEL). The MoU outlines the formation of a joint venture aimed at developing, manufacturing, and supplying ammunition, explosives, aerospace, and other defence products.
The proposed joint venture will be established as a public limited company, with Nibe Ordnance holding a 51% stake and PEL holding 49%. Both companies are expected to formalize their collaboration with a joint venture agreement and shareholders’ agreements after further negotiations and the incorporation of the new company.
According to the disclosure, neither of the companies involved has any shareholding or related-party connections in the joint venture, and the transaction is not classified as a related party transaction. The joint venture does not involve any nominees on the board or potential conflicts of interest.
