Brief: We Solutions Announces On Formation Of Joint Venture In Shanghai

Apollo Future Mobility

11/05/2018 16:10

May 11 (Reuters) - We Solutions Ltd  0860.HK :
    * LUCKY AMPLE ENTERED INTO JOINT VENTURE AGREEMENT WITH SAIL
PURSUANT TO WHICH LUCKY AMPLE AND SAIL AGREED TO FORM JV CO IN
SHANGHAI
    * JV TO  ENGAGE PRIMARILY IN DESIGN, DEVELOPMENT &
ASSEMBLING OF
ELECTRIC VEHICLES FOR TAXIS & ONLINE HAILING SERVICES
    * PARTIES CONTRIBUTE IN AGGREGATE $10 MILLION TO JV CO AS
REGISTERED CAPITAL IN PROPORTION TO THEIR PROPOSED RESPECTIVE
EQUITY HOLDINGS
    * JV CO WILL BE OWNED IN EQUAL SHARES BY LUCKY AMPLE AND
SAIL
    * TOTAL INVESTMENT TO BE MADE IN JV CO IS EXPECTED TO BE $25
MILLION

Source text for Eikon:  ID:nHKS1Q3mD6 
Further company coverage:  0860.HK 

 ((Reuters.Briefs@thomsonreuters.com;))