Joyas gets nod for new nickel business, rights issues

Singapore

METAL knick-knacks maker Joyas International Holdings has received shareholder approval to diversify into nickel distribution and trading, and will undertake warrant-and-convertible rights issues to raise capital for the new business.

The approval will allow Joyas to take a 70 per cent stake in nickel trader and distributor Hong Kong Silver Basic Group (HK Silver) for a cash consideration of HK$700,000 (S$120,700). Existing HK Silver shareholders will retain the remaining 30 per cent interest in it.