SHENG SIONG PRC EXPANSION: Lim & Tan Securities Sheng Siong ($0.69, unchanged) has executed a conditional joint-venture agreement with LuChen Group Co and its Executive Director, Tan Ling San to operate supermarkets in Kunming, PRC. Under the deal, the proposed joint venture company will be incorporated in China with a registered capital of US$10 mln. Sheng Siong is to fork out US$6 mln for 60% stake in the joint venture company, while the LuChen Group will provide cash of US$3 mln for 30% of the equity interest. Mr Tan will hold the remaining 10% stake for US$1 mln. He is responsible for the administration and implementation of Sheng Siong’s policies and strategies, and evaluating new growth areas for business. Sheng Siong said that the conditional agreement remains subject to the approval of the Chinese authorities. LuChen, established in 1954, is involved in the manufacture and distribution of food products such as sauces and condiments.
Posted on: Mon, 29 Dec 2014 01:33:19 +0000
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