Back in March, Mortice Limited LON:MORT announced that it is seeking to expand its operations in India, MEA and Europe.
Subsequently, they have considered the strategy implications and the board feels that relying solely on organic growth may not always be optimal in relation to the Company’s expansion into certain geographies. As a result, the board is considering other options, including potential acquisitions, as part of its strategy.
Mortice is the holding company of Tenon Property Services Private Limited (Tenon), and the ultimate parent company of Peregrine Guarding Private Limited (Peregrine). The Peregrine Group has been providing security services in India for more than 20 years, establishing a client base of over 1800 customers and developing a strong pan-India presence providing manned guard and CIT operations in the process.
One development is that Tenon has recently signed a joint venture agreement with Tanami Holding Company in Saudi Arabia to offer its suite of FM services to clients in the Middle East.
Manjit Rajain, executive chairman of Mortice Limited LON:MORT, 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.”