OFA Group (OFAL) said Monday that it has entered into a binding letter of intent with Next Investments to establish a joint venture focused on developing a senior care facility.

OFA said it will provide financing and architectural services, while Next Investments will contribute the land and manage the operations once the facility is built.

OFA Group shares were over 1% lower in recent trading.

Price: 1.56, Change: -0.02, Percent Change: -1.27