China Environmental Resources (01130) said it entered into a memorandum of understanding with a company incorporated in the England with limited liability to subscribe for up to 20% of the enlarged issued share capital of the target company.
The parties intend to form a joint venture in Asia to carry on the business of manufacturing target company's specialist sport cars to meet orders from Asia to be solicited by China Environmental Resources in Asia. China Environmental Resources intends to act as the sole distributor of target company's specialist sport cars in Asia.
The target company is carrying on the business of manufacturing specialist sport cars.
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