AP Oil, MoneyMax in JV to provide financial leasing in China

SINGAPORE (Oct 18): SGX-listed AP Oil International and MoneyMax Financial Services have entered into a joint venture with two other companies, Zongshen and Free Trade Port Co., to undertake a financial leasing business in Chongqing, China.

AP Oil and MoneyMax will each hold a 12.5% equity stake in the joint venture company, while Shenzhen Stock Exchange-listed Zongshen will hold a 70% interest and Free Trade Port Co. will hold the remaining 5% equity interest.

In a statement to SGX on Tuesday, AP Oil says it will participate in the JV through the subscription of its 12.5% equity interest for a cash consideration of 25 million yuan ($5.15 million), which will be funded by internal funds and bank borrowings.

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