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Soo Kee Group terminates JV with Global Crown; will venture into China alone
JEWELLER Soo Kee Group has terminated a proposed joint venture with Global Crown Group to sell bridal jewellery in China.
Soo Kee said on Wednesday that its bridal specialist brand Love & Co and Global Crown had mutually agreed to terminate the memorandum of understanding inked in July last year.
Instead, Soo Kee will buy 100 per cent of the proposed joint venture company, Diamond Avenue Investments, for HK$104,858 (S$17,955).
The Diamond Avenue group had net assets and net tangible assets of about HK$1.23 million as at Dec 31, 2017. No independent valuation was conducted on the Diamond Avenue Group.
Soo Kee has also agreed to waive Diamond Avenue's obligation to repay HK$104,858 to it as at Dec 31, 2017.
Soo Kee said the acquisition will enable it to proceed with its plans to capitalise on the growth opportunities presented by China's growing bridal jewellery market, one of the world's largest consumer markets.