There will be five directors on the board of the holding company, with two non-executive directors appointed by CWX Global and three executive directors appointed by Zhu, Gan, Zhang and Wong.
CWX Global, formerly known as Loyz Energy, has entered into a joint venture agreement (JVA) with Zhu Chunxiao, Gan Jingjing, Zhang Jiahui and Jolene Wong Ling Yu on Feb 5.
Through the JVA, the parties have incorporated a holding company that will invest in and manage the operation of a retail supermarket chain.
