China Jishan banks on finance services
Textile firm's unit taking 51% of new JV firm
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IN A bid to diversify its business, struggling textile firm China Jishan Holdings is moving into financial services.
A wholly owned subsidiary of the mainboard-listed firm, Zhejiang Jishan Printing and Dyeing Co Ltd (ZJPD) is investing 102 million yuan (S$21.3 million) for a 51 per cent stake in a joint-venture financial services firm.
ZJPD's investment comprises 26 million yuan as its agreed share of registered capital, another 25 million yuan to take over JV partner Zhejiang Jishan Holding Group's stake and a further 51 million yuan when the JV doubles its registered capital to 200 million yuan. The newly created JV firm will engage in project investment, capital management and capital investment consulting services in Zhejiang, China.
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