LONDON (ShareCast) - (Sharecast News) - MS International said on Wednesday that it has signed a memorandum of understanding with Australian defence technology firm Electro Optic Systems, as it reiterated confidence in the outlook for its defence and security division.
Speaking at the AIM-traded firm's annual general meeting, executive chairman Michael Bell confirmed the collaboration but declined to provide further details, citing commercial sensitivity.

"As I am sure you all appreciate, contract news in the defence and security industry is highly sensitive," he said.

"I can, however, confirm that we have entered a memorandum of understanding to work collaboratively with an Australian business called Electro Optic Systems."

Bell also updated shareholders on the group's other three divisions.

He noted that while uncertainty remained over steel tariffs, the company's forgings business was well positioned, particularly due to its US manufacturing footprint.

The petrol station superstructures unit continued to perform in line with short-term financial targets, while the corporate branding division had a record orderbook in the UK.

Notably, its Netherlands operations returned to profit in both May and June, marking a significant turnaround.

Bell further disclosed that a higher offer had recently been received for the forgings, petrol station superstructures and corporate branding divisions from one of the parties that had previously expressed interest.

However, the board rejected the offer, believing it still undervalued the businesses.

"It's pleasing that there continues to be interest in these three companies," Bell added.

"I will, of course, keep shareholders informed should we receive other expressions of interest."

At 1301 BST, shares in MS International were up 7.72% at 1,254.9p.

Reporting by Josh White for Sharecast.com.

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