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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jarlway | LSE:JWY | London | Ordinary Share | GB00B09JC675 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6791T Jarlway Holdings plc 26 March 2007 Date: 26 March 2007 On behalf of: Jarlway Holdings PLC ("Jarlway" or the "Company") Jarlway Holdings PLC Joint Venture Jarlway is pleased to announce that, following approval by the Chinese government, it has formed a joint venture, Jarlway-Lishitong Machinery Inc. (" Jarlway-Lishitong"), with Guangdong Lishitong Machinery Co. Ltd. ("Guangdong Lishitong"), a predominantly state-owned Chinese manufacturer of engineering machinery. Jarlway-Lishitong has been capitalised at RMB 5.0 million (approximately #330,000), of which Jarlway will contribute RMB 3.5 million (approximately #230,000) in return for a 70% interest and Guangdong Lishitong will contribute RMB 1.5 million (approximately #100,000) for the remaining 30% The contributions will be made in cash and rateably in three, roughly equal installments, over the next 12 months. The joint venture, which has an agreed term of 15 years, has been created in order to utilise Guangdong Lishitong's currently under-employed plant and machinery, as well as its skilled employee base, both of which will be made available to Jarlway-Lishitong on a priority basis. It is expected that the invested capital of RMB 5.0 million will provide the necessary working capital for the joint venture's expected production for the first 12 months of operation. There is no obligation on either party to make further contributions to the joint venture. The additional capacity available to Jarlway through the joint venture is expected to increase the Company's current capacity by about 30%. Jarlway-Lishitong intends to exploit the continuing growth of the construction machinery market in China. The Company's Directors believe that China's current five-year national development plan will continue to underpin state investment in national infrastructure. In particular, the Directors believe that the northwest region will be a key area of growth. They further believe that international demand for Chinese construction machinery will also continue to grow, as the quality and value offered by Chinese products becomes increasingly recognised globally. Jarlway-Lishitong is initially expected to manufacture line pumps as well as hydraulically operated, truck mounted cranes. Jarlway does not currently manufacture this latter product itself. The Directors are confident there is significant market demand for both these products. Mr. Wu Zhijia, the Chairman of Jarlway, commented: "This joint venture strengthens the Company's production capacity significantly, while not requiring a substantial capital investment, and within a faster timeframe than if we were to build an equivalent manufacturing facility ourselves. It will also significantly strengthen our research and development capability and help us to continually develop and expand our product range. Combined with Jarlway's extensive sales and after sales network, and our reputation for quality and value, Jarlway will be well positioned to capture a larger share of the ever-growing market for construction machinery in China." - Ends - For further information: Jarlway Holdings plc David Thomas +44 7753 457 931 Ng Chichor +86 13316269616 Nominated Adviser Nabarro Wells & Co. Limited Robert Lo +44 20 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END JVEGCGDXDSDGGRL
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