ISDN Holdings Limited on Monday announced that through its wholly-owned subsidiary, Ell-Gro Hydroponics Pte Ltd (EGH), it has entered into a joint venture agreement with Ho Lee Group Pte Ltd (HLG).
The JV, with an issued share capital of $2.2 million, has been established for the purpose of carrying on the business of setting up and operating hydroponics farms across the Asia-Pacific region.
EGH will hold a 51 per cent stake in the JV company, while HLG will own the remaining 49 per cent interest.
ISDN said the JV is in line with the company\'s growth strategy in its diversification into the hydroponics business as well as to continue its expansion into emerging markets in Asia.
The company\'s investment is funded with internal resources and borrowings.
The investment is not expected to have any material impact on the company\'s earnings per share and net tangible assets per share for the current financial year ending December 31, 2012.
The JV, with an issued share capital of $2.2 million, has been established for the purpose of carrying on the business of setting up and operating hydroponics farms across the Asia-Pacific region.
EGH will hold a 51 per cent stake in the JV company, while HLG will own the remaining 49 per cent interest.
ISDN said the JV is in line with the company\'s growth strategy in its diversification into the hydroponics business as well as to continue its expansion into emerging markets in Asia.
The company\'s investment is funded with internal resources and borrowings.
The investment is not expected to have any material impact on the company\'s earnings per share and net tangible assets per share for the current financial year ending December 31, 2012.