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Sandmartin International Holdings Ltd Announces Framework Agreement In Respect Of The Proposed Formation Of Joint Venture Company


Monday, 28 Oct 2013 07:00am EDT 

Sandmartin International Holdings Ltd announced that the JV Partners have entered into the Framework Agreement on October 28, 2013, pursuant to which the JV Partners will establish the JV Company as an investment holding company to hold the 100% equity interests of SKS and PBI (wholly-owned subsidiaries of the JV Partner and the Company respectively). The respective principal businesses of SKS and PBI are designing, manufacturing and distribution of satellite television antenna, low noise block (LNB) and accessories. Upon completion of the formation of JV Company and the shares exchange between SKS, PBI and the JV Company, SKS and PBI will become wholly-owned subsidiaries of the JV Company. The Framework Agreement contains a legally binding obligation on the JV Partners to negotiate in good faith the detailed terms of the Definitive Documentation within one month in respect of the proposed formation of the JV Company as well as confidentiality obligations. 

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22 May 2015