Lotus Horizon (HKG:6063) unit Forever Wealth agreed to form a joint venture with Lake Chong Fa Restaurant to operate a North-eastern Chinese cuisine restaurant at The Venetian Macao under the Dumpling Lake Chong Fa brand, a Friday Hong Kong bourse filing said.
The joint venture firm will be owned 49% by Forever Wealth and 51% by Lake Chong Fa Restaurant, with capital contributions of 49,000 patacas and 51,000 patacas, respectively.
The two parties will provide shareholders' loans to the JV company in proportion to their respective shareholdings, with an initial loan of HK$2 million to be injected within 30 days of incorporation.
Additional loans will be worth around HK$30 million, the filing said.
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