AANDJ Group is an unrelated third-party Singapore-based company, which focused on consultancy, trade, and strategic business development, with particular involvement in fresh produce supply chains, market operations, and digitalisation initiatives.
Pursuant to the joint venture agreement, Zixin’s wholly-owned subsidiary will own 70% of the joint venture company while AANDJ Group will own the remaining 30%.
Zixin’s board believe that the joint venture will allow the company to have immediate access to AANDJ Group’s affiliated distribution platforms to market and distribute fresh produce and expands its sales revenue in overseas markets with fresh agricultural products.
Zixin highlights that the joint venture is not expected to have any material impact on its consolidated net tangible assets or earnings per share for the financial year ending March 31, 2027.
See also: Data centre firm DayOne considering SGX-Nasdaq dual-listing for US$5 bil IPO
As at 9.17am, shares of Zixin are unchanged at 3.1 cents.
