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Poly Culture, Poly Group form JV for cultural fund
19 Jun 2017
(Infocast News) Poly Culture Group (03636) announced that it entered into a Joint Venture Agreement with Poly Investment, CCB Investment, Everbright Investment and Tianjin Ruida on 19 June 2017. Pursuant to the agreement, Poly Culture Group, Poly Investment, CCB Investment, Everbright Investment and Tianjin Ruida agreed to jointly contribute RMB50 million to establish Poly Culture Industry Fund Management Company Limited (the New Company) to promote and establish a cultural industry investment fund.

According to the agreement, the registered capital of the New Company is proposed to be RMB50 million, to which Poly Cutlure Group will contribute RMB20 million (or 40%), Poly Investment RMB5 million (or 10%), CCB Investment RMB10 million (or 20%), Everbright Investment RMB10 million (or 20%), and Tianjin Ruida RMB5 million (or 10%). The New Company is proposed to be incorporated in Tianjin in the PRC.

Poly Investment is wholly owned by Poly Group, which directly holds 43.3% of the equity interest of Poly Culture Group and indirectly holds 20.4% of the equity interest of Poly Culture Group.

(WL)
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