Asia
Tai Sin Electric to Form Joint Venture in Indonesia
Tai Sin Electric (SGX:500) signed a shareholder framework agreement with Elvo Energy to establish a joint venture company named Elvo Electric Indonesia, according to a Thursday filing with the Singapore Exchange.The JV will focus on the industrial electrical automation, distribution and warehousing supply chain business.Under the terms, Tai Sin's subsidiary, Lim Kim Hai Electric, and its 60% owned unit, Elmecon Multikencana, will have a 15% stake each in the new company, while Elvo will have a 70% stake.
SGX:500
