Time Interconnect Technology Forms JV Company with Controlling Shareholder

MT Newswires Live09-06

Time Interconnect Technology (HKG:1729) established a joint venture company, Time Interconnect Singapore, with its controlling shareholder Luxshare Precision, a Friday filing with the Hong Kong Exchange said.

The company holds 49% of equity interests in the JV company while Luxshare holds the remaining 51%. As per their held interest in the JV company, the company and JV partner have contributed $196,000 and $204,000 respectively to the share capital of the JV company.

The purpose of the JV company is to evaluate investment opportunities in the overseas market and pursue the acquisition of such businesses.

The company's shares were down nearly 3% on Thursday's close.

Price (HKD): $3.55, Change: $-0.10, Percent Change: -2.74%

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