Serial System to establish US$3 mil HK joint venture with Beston International

SINGAPORE (Dec 23): Serial System says its 91%-owned subsidiary Serial Microelectronics (SMHK), has entered into a joint venture (JV) agreement with Beston International to set up a newly incorporated company in Hong Kong known as Newstone Technology.

The total issued and paid-up capital of Newstone will be US$3 million ($4.3 million), says the group in a Friday filing to the SGX, of which SMHK will be making a total investment of $1.53 million in the new company.

This will be funded through internal resources and bank borrowings, adds the group.

---

Related Stories

• GuocoLand enters JV to acquire and develop Margaret Drive land parcel
• Serial Achieva eyes product and geographical expansion after reverse takeover
• Serial System warns it will report a net loss for FY2023

---