LOGISTICS Holdings' subsidiary Logistics Investment has incorporated a joint venture company in Singapore with an unrelated joint venture partner Concrete Innovators (Coninco) to set up CCL Precast. This is with the intention of entering the new and related business of manufacturing precast products, said the company.
The initial used and paid-up share capital of CCL Precast is S$100,000, comprising of 100,000 ordinary shares, of which 80 per cent is subscribed by Logistics Investment, and the remaining 20 per cent subscribed by Coninco. The subscription was funded entirely by the proceeds raised from the company's initial public offering.
It is expected that the total investment in CCL Precast will be approximately S$5.0 million, which will be funded through the group's IPO proceeds, bank borrowings and/or the group's internal resources.
The group intends to build a precast products manufacturing facility and has identified a site in Seelong, Iskandar region, Johor for the proposed precast plant.
The initial used and paid-up share capital of CCL Precast is S$100,000, comprising of 100,000 ordinary shares, of which 80 per cent is subscribed by Logistics Investment, and the remaining 20 per cent subscribed by Coninco. The subscription was funded entirely by the proceeds raised from the company's initial public offering.
It is expected that the total investment in CCL Precast will be approximately S$5.0 million, which will be funded through the group's IPO proceeds, bank borrowings and/or the group's internal resources.
The group intends to build a precast products manufacturing facility and has identified a site in Seelong, Iskandar region, Johor for the proposed precast plant.