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Company Name Changes to "Northern New Energy Holdings Limited"
To Reflect Future Businesses Development Direction |
HONG KONG, July 20, 2015 - (ACN Newswire) - Noble House (China) Holdings Limited ("Noble House" or the "Company"; stock code: 8246), is pleased to announce that on 17 July 2015 (after trading hours), Northern New Energy Development Limited (the "Northern New Energy"), a indirectly wholly-owned subsidiary of the Company, entered into the joint venture (the "JV") Agreement with Tianjin Xinping Runchi in relation to the establishment of the JV Company in the PRC. The JV Company will principally engage in new energy development, research on its relevant technologies and construction business. The JV Company will be located at Binhai Science Park, Binhai New Area, Tianjin, the PRC.
The total investment is RMB18 million which will be contributed by the parties in the form of registered capital. Northern New Energy shall contribute 90% of the registered capital of the JV Company for a cash consideration of RMB16.2 million and Tianjin Xinping Runchi shall contribute 10% of the registered capital of the JV Company for a cash consideration of RMB1.8 million. The capital contribution from the Northern New Energy will be funded by internal resources of the Company.
Ms. Mindy Lin, Chairman of Noble House, said, "It has been the strategy of the Group to explore new potential projects in order to diversify business risk as well as broaden income source of the Group and eventually maximizing Shareholders' values. As the PRC government has released a series of policies emphasizing environmental protection, energy saving, emission reduction and promotion of clean energy as an alternative to pollution sources, the Directors perceive the increasing demand in the use of new energy as well as the huge opportunities arisen therefrom. The Directors believed that with the cooperation with Tianjin Xinping Runchi, the advanced technologies and professionals as well as management experts from that area will be introduced, together with Tianjin Xinping Runchi's extensive network in the PRC, the Group will be able to grasp the opportunity and rapidly enter into the market. With increase in market share and leveraging on the recognized patent technologies and relevant experience, the Group will continue to further develop and utilize new energies and their related areas, and persistently launch secondary products for other sectors. The establishment of the JV Company marks the first step in Noble House's development into a new era of new energy."
The Board proposes to change the English name of the Company from "Noble House (China) Holdings Limited" to "Northern New Energy Holdings Limited" and, to adopt "Northern New Energy Holdings Limited" as the new dual foreign name of the Company to replace "Noble House (China) Holdings Limited"; the Board believes that the new English name and dual foreign name of the Company will provide the Group with a new corporate image and will better reflect the Group's future business development.
The JV Agreement will become effective on which all necessary approvals and consents from the relevant PRC governmental and regulatory authorities have been obtained.
Contact:
Strategic Financial Relations Limited
Heidi So +852 2864 4826 heidi.so@sprg.com.hk
Keris Leung +852 2864 4863 keris.leung@sprg.com.hk
Samantha Yeung +852 2114 4916 samantha.yeung@sprg.com.hk
Topic: Press release summary
Source: Northern New Energy Holdings Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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