Catalist-listed Metech International, through its joint venture company Asian Eco Technology (AET), has entered into a strategic collaboration agreement with Chinese firm Ningbo Meishan on Dec 24.
Under the agreement, Ningbo Meishan, which is backed by Chinese investment company Zongheng Capital, will provide funding of US$100 million ($136 million) for AET’s lab-grown diamond business activities through debt and/or equity financing.
According to a press release announcing the deal, the funding will be primarily used for the construction of AET’s lab-grown diamond manufacturing facilities in Singapore.
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