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Combine Will inks investment pact for new plant in China's Guangxi
COMBINE Will International Holdings Limited has entered into an agreement with the county government of Cangwu in China's Guangxi province to construct a new production facility to manufacture products, including toys, plastic gifts, plaster hardware products and computer accessories.
It said on Monday that the group and a wholly owned subsidiary inked a 200 million yuan (S$41.1 million) investment agreement with Cangwu County People's Government to build the factory with a gross floor area of some 59,000 sq m.
The Cangwu County will build the production facility exclusively for Combine Will, while the group will invest in the renovation, installation and production equipment.
Cangwu County has invited Combine Will to establish the new production facility in the Cangwu County Industrial Park under the municipal government's poverty alleviation and employment support policy.
Under this programme, the group will enjoy rental concessions as well as special subsidies in relation to social security, poverty alleviation and enterprise employment.
Meanwhile, the group will sell its existing Dongguan production plants to Veken Group Co Ltd for 160 million yuan via the proposed sale of all shares in Dongguan Lian Zhi Business Management Co Ltd and Dongguan Zhong Xin Business Management Co Ltd.