China Kunda Technology (SGX:GU5) subsidiary, Kunda Plastic Electronic (Shenzhen), agreed to establish a water treatment joint venture in China with Shenzhen Yidaoshun Biotechnology, according to a Tuesday filing with the Singapore Exchange.
Shares of Kunda Technology surged nearly 32% in Wednesday morning trade.
Under the agreement, Kunda Shenzhen will hold a 51% stake in the JV with a capital contribution of around 1 million yuan.
The joint venture company will engage in electrolyzed functional drinking water and sanitizer business, in line with Kunda Technology's strategy to move into the water treatment business.
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