GKE (SGX:595) entered into a joint venture agreement with Li Shan and GKE Retails to engage as a distributor, wholesaler and retailer of mobile communication services and accessories in Singapore, according to a late Friday filing with the Singapore Exchange.
Shares of the company were up over 3% in recent trading.
Under the agreement, Li Shan subscribed for 266,667 shares in GKE at SG$1.0 per share, representing 40% of the issued and paid up share capital of GKE Retails.
The company and Shan have also made an additional investment in GKE Retails through further subscription in additional shares. The company has subscribed to 600,000 shares at SG$1.0 per share while Shan has subscribed to 400,000 shares at SG$1.0 per share.
Following the transaction, GKE Retails is no longer the company's wholly owned subsidiary.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.