Y Ventures Group incorporates new subsidiary

Y Ventures Group on Thursday incorporated Evermint, a new wholly owned subsidiary, in Singapore.

Evermint was incorporated with an initial issued and paid-up share capital of S$1 comprising one ordinary share, and will be principally engaged in providing e-commerce solutions.

The incorporation of Evermint was funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the group for the current financial year ending Dec 31, 2018.

Earlier this month, Y Ventures, an e-commerce retailer and distributor, announced that it has set up another new subsidiary in Singapore, Luminore 8, to develop a world-class e-commerce buying platform that will focus on cross-border purchases on behalf of consumers across Asia.

Y Ventures closed one Singapore cent lower at S$0.635 on Thursday.