21-08-2014, 08:29 PM
I didn't expect the China venture. I am expecting West Malaysia as the first oversea venture of the company.
Anyway, it should be a good news to the company. A 60% share of US$10 mil, or US$6 mil is definitely can be supported by internal resource.
(vested)
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The Board of Directors (“Board”) of Sheng Siong Group Ltd. (the “Company” and together with its
subsidiaries, the “Group”) is pleased to announce that the Company has entered into a non-binding
letter of intent (“LOI”) dated 21 August 2014 in relation to a proposed joint venture (“Proposed Joint
Venture”) with Kunming LuChen Group Co., Ltd (昆明绿辰集团有限责任公司) (“LuChen Group”) to
operate supermarkets in the People’s Republic of China (“PRC”).
At this juncture, it is envisaged that: (i) the joint venture company (“JVC”) will have a registered capital
of US$10 million; (ii) the Group will hold 60% of the equity interest in the JVC; (iii) the LuChen Group
will hold 30% of the equity interest in the JVC; and (iv) the Company’s Executive Director, Mr. Tan
Ling San, will hold 10% of the equity interest in the JVC.
http://infopub.sgx.com/FileOpen/SSG_LOI_...eID=311001
Anyway, it should be a good news to the company. A 60% share of US$10 mil, or US$6 mil is definitely can be supported by internal resource.
(vested)
------------
The Board of Directors (“Board”) of Sheng Siong Group Ltd. (the “Company” and together with its
subsidiaries, the “Group”) is pleased to announce that the Company has entered into a non-binding
letter of intent (“LOI”) dated 21 August 2014 in relation to a proposed joint venture (“Proposed Joint
Venture”) with Kunming LuChen Group Co., Ltd (昆明绿辰集团有限责任公司) (“LuChen Group”) to
operate supermarkets in the People’s Republic of China (“PRC”).
At this juncture, it is envisaged that: (i) the joint venture company (“JVC”) will have a registered capital
of US$10 million; (ii) the Group will hold 60% of the equity interest in the JVC; (iii) the LuChen Group
will hold 30% of the equity interest in the JVC; and (iv) the Company’s Executive Director, Mr. Tan
Ling San, will hold 10% of the equity interest in the JVC.
http://infopub.sgx.com/FileOpen/SSG_LOI_...eID=311001
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