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Novo Group Ltd Announces Formation Of Joint Venture Company


Thursday, 9 May 2013 05:55am EDT 

Novo Group Ltd announced that Novo Lamination Ltd, an indirect wholly owned subsidiary has entered into a joint venture agreement (the JVA) with Laminate Industry Co Ltd (the JV Partner), an independent third party and a company established in Japan, to formulate a joint venture company for the manufacturing, sales and distribution of laminated tinplate products, laminated aluminum sheets and related products for food and beverage packaging industry in the People‚Äôs Republic of China. The total investment of the JV Company shall be RMB50,000,000. The registered capital of the JV Company shall be RMB25,000,000, which shall be contributed as to 90.1% (that is RMB22,525,000) by Novo Lamination and as to 9.9% (that is RMB2,475,000) by the JV Partner. 15% of the registered capital shall be paid within 90 days from the date of formation of the JV Company and the remaining 85% shall be paid within two years from the date of formation of the JV Company. 

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17 Dec 2014