Exits JV with Chinese partner; Buys balance stake in 50:50 JV in Egypt
Time Technoplast announced that the Company has decided to sell its 50% stake in JV with Chinese partner to Mauser - leading industrial packaging company world wide. The transaction has been carried out more or less at the investment value of USD 1.3 million. It will have virtually no effect on overall sale of the Company (approximately USD 400 million) and profitability.Further, the Company had set up a 50:50 JV with local partner in Egypt for manufacture of drum, jerrycans and pails at Suez in Egypt. Subsequently, the Company has offered to purchase balance 50% equity held by the local partner at USD 900K as against an investment of USD 600K which has since been agreed upon by both sides.
This will pave way for the Company to grow in Egypt and prepare for entry into large packaging market in West Africa.
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