SINGAPORE (June 25): Spindex Industries, a manufacturer of precision machine components and assembly solutions provider has entered into a joint venture agreement with Acuger Precision Limited and Spindex Acuger Precision (JV Company) on Thursday.

Acuger Precision is an investment holding company incorporated in Hong Kong. It is related to Acuger Precise Industry in Taiwan.

Acuger TW and its affiliated companies are primarily engaged in the business of manufacturing plastic gear boxes and plastic products and have manufacturing facilities located in Taiwan, Guangdong and Jiangsu.

Under the agreement, Spindex Industries and Acuger Precision will each own a 50% stake in the JV Company.

The JV Company will serve as an investment holding company of a wholly-owned subsidiary to be incorporated in Vietnam and to be known as Spindex Acuger Precision (Hanoi) Co Ltd (VietSub).

VietSub will be overlooking the business of manufacturing and trading of plastic moulds, plastic products and its related assemblies primarily in Vietnam. The incorporation of VietSub is expected to be completed in or around August 2020.

The JV Company was incorporated on May 29 with an initial issued and paid-up share capital of $1 consisting of one ordinary share, which was held by Spindex.

Following the joint venture, Spindex and Acuger Precision has subscribed to 99 new ordinary shares at an issue price of $1 per ordinary share.

Shares in Spindex closed flat at 87.5 cents on Thursday.