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Miyoshi Precision Ltd enters into of memorandum of understanding in relation to proposed joint venture with Promise New Energy Development Ltd


Monday, 14 Jul 2014 05:41am EDT 

Miyoshi Precision Ltd:Enters into memorandum of understanding (MOU) with Promise New Energy Development Ltd (JV Partner).Joint venture with Promise New Energy Development Ltd (Promise) for the development, manufacture, assembly and sale of an electric vehicle project, focusing on light electric vehicles in China (Proposed Joint Venture); and.Acquisition and/or subscription by the Company of such number of shares in the JV Company (as defined below), representing in aggregate, 55 pct of entire issued share capital of JV Company.The Company and JV Partner intends to enter into joint venture in relation to the development, manufacture, assembly and sale of an electric vehicle project, focusing on light electric vehicles, in China (LEV Project).Pursuant to MOU, the JV Partner shall incorporate a new company in Hong Kong (JV Company).JV Company shall further incorporate a wholly-owned subsidiary in Shenzhen, and other subsidiaries in the People‚Äôs Republic of China (PRC) to undertake the LEV Project.Shareholding interests of the Company and the JV Partner in the JV Company shall be 55 pct and 45 pct respectively.JV Company may enter into technical collaboration with The Hong Kong Polytechnic University in relation to the LEV Project. 

Company Quote

0.053
0.0010 +1.92%
30 Jan 2015