KUALA LUMPUR (Nov 2): Ni Hsin Resources Bhd has entered into a memorandum of understanding (MoU) with Protection Rigging Access Services Sdn Bhd (PRA) with the intention to fabricate and supply scaffolding, materials and accessories to the latter.

According to a filing with Bursa, the MoU will be valid for three months from today unless it is terminated earlier or upon signing of a formal agreement.

It added that the MoU shall form the basis of consensus for both parties to enter into a formal agreement.

PRA is a private limited company that is principally involved in major onshore fabrication, offshore facilities maintenance, tank, vessels and pipe cleaning, inspection and monitoring, painting and blasting, coating and insulation, scaffolding, rope access or abseiling and specialist manpower supply for the oil and gas industry.

As of the noon break, Ni Hsin slipped 1.64% to 30 sen with about 3.1 million shares traded.