Zicom Electronic Security Systems has received an approval to sell-off Zicom CNA Automation, a non-operative wholly-owned subsidiary (WOS) of the company. The board at its meeting held on February 12, 2013 has approved for the same.
The board has also approved for entering into memorandum of understanding (MOU) by the company and its subsidiary, Unisafe Fire Protection Specialists LLC, Dubai with ASYAD Holdings LLC and Advanced Triad Turbine Services Company, both belonging to ASYAD Group of Saudi Arabia. The MOU is mainly targeted to ASYAD Group projects, and to jointly develop and target third party projects in Saudi Arabia and also provides for setting-up of Joint Venture Company in Saudi Arabia.
ASYAD Group, based in Saudi Arabia, is a fast growing business conglomerate with world-wide interests in a wide range of business activities and operations in diversified fields, including engineering, construction, contracting and trading, manufacturing and operations and maintenance services.
Further, the board has also approved giving Corporate Guarantee up to $10 million to Bank for providing Stand-By Letter of Credit (SBLC) Facility to Zicom Security Projects, Singapore, a wholly-owned subsidiary of the company.
Zicom Electronic Security Systems is engaged in the business of developing security systems. The company offers a wide array of products and solutions such as CCTV surveillance system, access control system, fire alarm system, multi-apartment video door phones, alarm system, fingerprint locks, video door phones and telecom tower security as well as advanced security training and management.
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