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Metech JV partner disposes shares in JVCo for $4 mil as an interested person transaction

Felicia Tan
Felicia Tan4/18/2022 9:56 AM GMT+08  • 3 min read
Metech JV partner disposes shares in JVCo for $4 mil as an interested person transaction
The sale shares represent 20% of the total paid-up and issued share capital of the JVCo. Photo: Metech
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X Diamond Capital (XDC), the joint venture (JV) partner of Metech International, has disposed of its shares in the joint venture company (JVCo), Asian Eco Technology, to Wu Yongqiang.

Wu is a controlling shareholder of Metech International with 23.76 million shares in the company, or a 15.68% stake of the company’s total voting shares, making this an interested person transaction (IPT) under the Catalist rules.

XDC and Wu had, on April 17, entered into a sale and purchase agreement (SPA) for the sale of 100,000 ordinary shares in the JVCo to Wu for a total consideration of $4 million, or $40 per share.

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