Gelonghui, March 8, 丨 China Star Group Holdings (00055.HK) announced that on March 8, 2024, Luxury Field, a wholly-owned subsidiary of the company, entered into a joint venture agreement with WEKA, Orientouch, Mr. Zhou, Financial League and the joint venture Orientouch Showtimes (International) Limited to establish, operate and manage a joint venture.
At the date of the joint venture agreement, the joint venture's issued share capital includes one (1) joint venture share owned by Luxury Field. The investors each agree to subscribe for additional joint venture shares in cash at the subscription price of HK$1 per joint venture share in accordance with the terms of the joint venture agreement. Following completion, Luxury Field, WEKA and Finance Union will hold 400 shares, 400 shares and 200 joint venture shares respectively, accounting for 40%, 40% and 20% of the joint venture's expanded issued share capital, respectively, and all joint venture shares will be allocated and issued in full.
Luxury Field, WEKA and the Financial Union each agree that upon completion, they will use cash to inject additional capital into the joint venture's share capital with a maximum amount of £340,000, £100,000 and £170,000, respectively, in accordance with the decisions and requirements of the joint venture's board of directors.
The main business of the joint venture is to engage in concert and performance promotion business and other entertainment business.
The directors believe that the establishment of a joint venture through a joint venture under the joint venture agreement will enable the Group to utilize the commercial relationships and resources of Mr. Zhou and the Financial League and explore and seek more entertainment-related business opportunities. The directors believe that the establishment of a joint venture will help bring more revenue to the Group and have a positive impact on the Group's profit.