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UnUsUaL incorporates joint venture company

Felicia Tan
Felicia Tan10/20/2020 06:04 PM GMT+08  • 2 min read
UnUsUaL incorporates joint venture company
UnUsUaL owns a 50% stake in WMI and has majority control of WMI’s board, which makes the latter a subsidiary of the company.
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UnUsUaL Limited and JFJ Productions have jointly incorporated a new entity, White Mount International (WMI) on Oct 20.

See also: UnUsUaL Limited to skip quarterly reports following amendment to Catalist rules

JFJ Productions is a music production company with over 10 years of experience in the entertainment industry. The company is owned by Lim Eng Chuan and Wayne Lim.

UnUsUaL owns a 50% stake in WMI and has majority control of WMI’s board, which makes the latter a subsidiary of the company.

JFJ owns the remaining 50% of the equity interest in WMI.

According to UnUsUaL, the partnership combines the expertise of both the company and JFJ in terms of production as well as promotion of live events and music production respectively.

WMI to-date has a paid-up share capital of $100,000 comprising 100,000 shares contributed equally by UnUsUaL and JFJ.

WMI will be primarily involved in the production of live stage presentations and publishing of games software and applications.

UnUsUaL’s investment in WMI was funded by internal resources and is not expected to have any material impact on its net tangible assets and earnings per share for the financial year ending March 31, 2021.

Shares in UnUsUaL closed 0.1 cent lower or 0.7% down at 13.5 cents on Oct 20.

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