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Papyrus Australia Ltd announces proposed joint venture in China

Thursday, 6 Mar 2014 05:40pm EST 

Papyrus Australia Ltd:Enters into binding memorandum of agreement (MOA) with the China Investor Group (CIG) whose representatives are Li Peng and Guan Muye.Primary objective of the MOA is to establish a banana fibre processing plant and a banana fibre product manufacturing factory in Hainan, China.Initially CIG are required to establish a corporate entity (CE) in which PPY will have a 20 pct. equity, and CIG will capitalize CE to a minimum of 20 mln yuan for capital and opex requirements.There is no financial obligation on PPY to contribute any capital.CIG is also required to secure land and buildings for the factory and all Chinese Government licenses.In consultation with PPY, CIG or CE is required to undertake extensive project development, in order to develop a business plan in agreement with PPY.The accepted business plan will then be adopted by CE. 

Company Quote

22 Dec 2014