Its locking down a 70% stake.
Soo Kee Group announced plans to invest $800,000 in a 70-30 joint venture (JV) to engage in bullion business involving precious metals.
According to the jeweller’s media release, Soo Kee Group has inked a non-binding memorandum of understanding with Dai Keng Trading and two of its directors, Kwek Chew Bong and Kwek Seow Ean.
The $800,000 investment is payable over two tranches, with initial $300,000 payable upon completion of the share acquisition. The remaining $500,000 is payable only if DK Bullion clinches an aggregated net income of at least $1.2m within three financial years from the acquisition.
The agreement stipulates that Kwek Chew Bong will incorporate DK Bullion in Singapore and transfer all of Dai Keng’s rights, interests, and title in assets which are relevant to the business of distributing investment grade precious metals, including agreements, customer and supplier lists, office equipment and intellectual property involving Dai Keng and its business to DK Bullion.
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