Asia-Pacific Strategic Investments (SGX:5RA) agreed to form a joint venture with EMG Unipessoal for the mixed development on a plot of state land in Timor-Leste, a Tuesday filing with the Singapore Exchange said.
Under the agreement, a company called One Belt One Net will be established to carry out the project dubbed Project Oecusse.
Asia-Pacific Strategic Investments will hold a 95% shareholding in the JV, while EMG Unipessoal will hold the remaining 5% stake, the filing added.
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