Tesson (HKG:1201) agreed to form a pair of connected joint venture companies in China with Aerospace Lithium Battery (Hong Kong) purposed for lithium battery assembly and sales, a Friday Hong Kong bourse said.
The parties will first establish a JV company in Hong Kong which will wholly own the other JV company, the latter of which is expected to be established in Gaoyou City, Jiangsu.
The company will contribute 153 million yuan while the JV partner will contribute 147 million yuan to the registered capital of the JV Company (China).
The company will own 51% of the JV company and it will become a subsidiary of the company on completion of the transaction.
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