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China Jishan banks on finance services

Textile firm's unit taking 51% of new JV firm

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...

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