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Tomei Consolidated Units Forms Pawnbroking Joint Venture

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Tomei Consolidated's (KLSE:TOMEI) subsidiary, Tomei Services, agreed to a joint venture agreement with TY Net to collaborate in the pawnbroking business, according to a Wednesday Bursa Malaysia filing.

The venture will be conducted through JP United, a unit of Tomei Services, in which TY Net will subscribe for a 45% stake, with Tomei Services owning a 55% stake.

The venture will allow both partners to combine their expertise, business networks and financial resources to expand their pawnbroking operations.

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