Joint Venture Agreement with Tanami

Mortice Ltd

Tenon Property Services signs Joint Venture Agreement with Tanami

Tenon Property Services Private Limited ("Tenon"), the wholly owned subsidiary of Mortice Ltd (AIM: MORT), the AIM listed security and facilities management company with India focused operations is pleased to announce it has signed a joint venture agreement with Tanami Holding Co. ("Tanami"), the leading Saudi Arabian multinational which has strategically invested into a number of sectors including construction, real estate, engineering services, steel and aluminum fabrication and utilities.

This joint venture will provide Tenon the opportunity to service clients in the Middle-East. The strong local presence of Tanami supported by reliable delivery support from Tenon mean this joint venture has the potential to be both successful and financially rewarding. Tanami will initially provide its own facility to be managed by JV and will provide strategic support in terms of relationship and business development to achieve faster growth.

Commenting today, Manjit Rajain, the Executive Chairman of Mortice Ltd said: "We are very excited to be working with Tanami, a leading company in Saudi Arabia and to have the chance to increase our operations into the EMEA area where we believe there are many opportunities for us to develop and grow our business."

-Ends-

About Mortice Ltd

Mortice Limited is the holding company of Tenon Property Services Private Limited (Tenon), and the parent company of Peregrine Guarding Private Limited (Peregrine).

The Peregrine Group has been providing security services in India and has an established client base with a pan-India presence with 51 branches in 19 out of the 28 Indian states and clients in sectors which include ITES, manufacturing, pharmaceutical, banking and healthcare. Through Tenon, the Group has establish one if India's fastest growing facilities management companies providing services for managing critical systems for engineering and building operations, soft services such as catering and waste management and support services such as accounts management and guarding.

About Tenon

Tenon provides a wide range of facility management activities in India to public and private sector businesses which include several of the world's largest international and domestic companies. The company operates through a network of more than sixty offices in twenty-eight states of India and has over 40,000 employees.