Quadrise shares soar on Saudi Arabia agreement

Quadrise shares leapt by over half on Wednesday after the company, which produces a low-cost alternative to fuel oil, announced that its subsidiaries have signed a memorandum of agreement (MOA) with M/S Rafid Group ahead of contractual commitments for the application of Quadrise's MSAR technology and fuel in the Kingdom of Saudi Arabia.

Quadrise shares leapt by over half on Wednesday after the company, which produces a low-cost alternative to fuel oil, announced that its subsidiaries have signed a memorandum of agreement (MOA) with M/S Rafid Group ahead of contractual commitments for the application of Quadrise's MSAR technology and fuel in the Kingdom of Saudi Arabia.

The MOA means that both firms are now in an exclusive relationship with Saudi Arabia, and once the terms of the contract are finalised for the first MSAR process installation, they will form a joint venture company to undertake all further business in Saudi Arabia in which Rafid will hold an interest of up to 30%.

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