WICE Joins Hand with a Chinese Partner, Investing ฿37M. to Expand Business in China
WICE has invested 37 million to establish a new subsidiary and take over a company in China for business expansion.
WICE Logistics Public Company Limited (WICE) has announced that by resolution of the Board of Directors meeting on 25 February 2019, WICE Logistics (Hong Kong) Limited (WICE HK) Which is a subsidiary of WICE, in which WICE holds 80% stake, has entered into a joint venture agreement with a Chinese partner.
The joint venture is to establish a new company to expand WICE’s logistics business in Shenzhen and southern China The investment value is RMB 1,400,000 or approximately THB 7 million.
Moreover, WICE HK also entered into a contract to takeover Universal Express Star Company Limited (UES) with the condition that UES will transfer all businesses to WICE’s newly established subsidiary. The investment with UES is about RMB 6,000,000 or approximately THB 30 million.