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JEP terminates China aerospace precision machining services joint venture
JEP Holdings' planned joint venture (JV) to provide precision machining and engineering services for the aerospace industry in China has been terminated.
The termination, effective as of April 20, was mutually agreed and accepted by both JEP's subsidiary JEP China Holdings Pte Ltd and Kun Shan Hang Fu Investment Co Ltd, it said in an announcement late on Friday night.
The joint venture was first announced in September last year. JEP did not disclose the reason for the termination.
It said that neither party has injected any capital into the JV company. The JV company has not started any business operations, and does not have liabilities owed to any third parties.
JEP added that it will continue to explore other strategic opportunities to enhance shareholder value.
Shares in JEP closed 0.1 cent, or 1.6 per cent, lower at 6.2 Singapore cents before the announcement.