Jingwei Textile Machinery, China Textile Machinery to form 40:60 JV

HONG KONG (AFX-ASIA) - Jingwei Textile Machinery Co Ltd said it has agreed to form a joint venture with its controlling shareholder China Textile Machinery (Group) Co Ltd for the research and development of textile machinery.	    Currently, China Textile Machinery holds a 36.44 pct stake in Jingwei Textile Machinery.	    Under the agreement, Jingwei Textile will contribute 20 mln yuan for a 40.0 pct stake in the joint venture, named Hongda Research Institute Co Ltd, while  China Textile will offer 30 mln yuan for the remaining stake, it said.

Related stock : (NIL)