First Tractor, China-Africa Development Fund to set up JV
Hong Kong-listed First Tractor Co Ltd, a unit under China's leading machinery manufacturer, China National Machinery Industry Corp, will invest RMB 137.5 million to set up a joint venture (JV) with the China-Africa Development Fund in China, according to a statement filed with the Hong Kong Stock Exchange on Wednesday.
The new JV, which will have a registered capital of RMB 250 million, will be 55% held by First Tractor and 45% held by the China-Africa Development Fund.
The new JV will establish and run an assembly plant and export agricultural machinery as well as engineering machinery to Africa.
The Henan-based firm expects that the new joint venture will help the company expand its influence and sales in the agricultural machinery market in Africa, according to the statement.
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