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Haisheng Juice (00359) unit forms plantation JVs
06 Dec 2018
(Infocast News) China Haisheng Juice Holdings (00359) announced that on 6 December 2018, its non-wholly-owned subsidiary, Shaanxi Chaoyue, entered into Joint Venture Agreement I and Joint Venture Agreement II with Wuwei Agriculture.

Pursuant to Joint Venture Agreement I, Shaanxi Chaoyue and Wuwei Agriculture have agreed to establish JV Company I with a registered capital of RMB33.67 million (HK$37.71 million) and each of Shaanxi Chaoyue and Wuwei Agriculture has agreed to contribute to the registered capital of JV Company I at RMB10.00 million (HK$11.20 million) and RMB23.67 million (HK$26.51 million), respectively. Shaanxi Chaoyue and Wuwei Agriculture will own 90% and 10% of the equity interests of JV Company I, respectively, after the capital contribution.

Pursuant to Joint Venture Agreement II, Shaanxi Chaoyue and Wuwei Agriculture have agreed to establish JV Company II with a registered capital of RMB98.89 million (HK$110.76 million) and each of Shaanxi Chaoyue and Wuwei Agriculture has agreed to contribute to the registered capital of JV Company II at RMB20.00 million (HK$22.40 million) and RMB78.89 million (HK$88.36 million), respectively. Shaanxi Chaoyue and Wuwei Agriculture will own 90% and 10% of the equity interests of JV Company II, respectively, after the capital contribution.

Pursuant to Joint Venture Agreement I and Joint Venture Agreement II, the total registered capital to be contributed by Shaanxi Chaoyue will be RMB30.00 million (HK$33.60 million).

JV Company I will be principally engaged in plantation, processing and sales of baby carrots in Liangzhou District, Wuwei City, Gansu Province. JV Company II will be principally engaged in plantation, processing and sales of greenhouse fruits and vegetables, such as fruit tomatoes, mainly based on glass greenhouse plantation method in Liangzhou District, Wuwei City.

(WL)
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