Aptech to float joint venture with Chinese partner

March 20th, 2008 - 7:35 pm ICT by admin  

Kolkata, March 20 (IANS) Global learning solutions major Aptech is all set to float a new joint venture (JV) company with its Chinese partner. “Our board has received an offer from Aptech’s Chinese JV partner, which outlines a draft framework agreement whereby both the partner and Aptech will have full alignment of equity interest in a holding company to be incorporated outside China,” an official said here.

Upon completion of the transactions as per the framework agreement, Aptech would receive 22 percent of the outstanding shares in the holding company and in exchange of that, the holding company will receive 50 percent equity interest in the China JV.

The board also believes that accepting the offer is in the best interest of Aptech and that of Aptech’s shareholders.

“Until permissions or approvals are obtained or received and the transactions are completed in this regard, Aptech will continue to hold the 50 percent equity interest in the China JV,” a company statement said.

The board has also constituted a committee empowering it to proceed with the transactions contemplated by the framework agreement, including appointing such advisors as may be necessary or required.

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