A joint venture agreement (JVA) was entered between V2Y and EDPL to regulate the relationship of the shareholders of EDPL, which is V2Y’s wholly-owned subsidiary, V2Y Pte Ltd (V2YPL) and Green Grapes Pte Ltd (GGPL). Under the JVA, V2YPL will subscribe for 51,000 shares (or a 51% stake in the JV) at $1 apiece while GGPL will subscribe for 49,000 shares (or a 49% stake) at $1 each. GGPL was identified as a JV partner due to its business connections in the industry, including Shouguang Leyi, says V2Y Corp.
V2Y Corporation, which is in the business of providing third party administration and value-added services to help companies in the computer, communication and consumer electronics sector manage and execute their extended warranty and accidental damage protection programmes, has entered into an exclusive distribution agreement with Shouguang Leyi Vegetable Technology Development Co., Ltd to supply Chinese cabbage and other products produced by the latter to countries in Southeast Asia.
The agreement was entered into by V2Y’s newly-incorporated subsidiary, Evertrust Distribution (EDPL). EDPL was incorporated on Nov 22. Its principal activity is the wholesale of fruits and vegetables, says V2Y in its Nov 22 statement.
