Medserv announced on 13 February 2007 that further to the Memorandum of Understanding (MoU) concluded with Misurata Free Zone (MFZ) in Libya, negotiations have now been completed and a joint stock company, Medserv Misurata F.Z.C. (MMFZC) has been submitted for registration with the MFZ.
The principle object of MMFZC, the majority shareholding of which is held by Medserv plc, is the establishment and operation of a logistic base in the Misurata Free Zone for the purpose of serving the oil and gas industry.
Upon the registration of MMFZC at the Misurata Free Zone, special detailed agreements will be entered into stipulating that:
(1) MFZ shall, subject to a cost and for a term of thirty years, provide MMFZC with certain facilities and services including a dedicated quay warehousing and a laydown area; and
(2) Medserv plc shall, subject to a cost and also for a term of thirty years, provide MMFZC with management services, inter alia, for the overall management of MMFZC’s affairs, the upkeep of best industry practices, selection of appropriate staff, technical and software assistance, marketing and promotion of MMFZC’s business.