Goodwill Entertainment's (SGX:GEH) wholly-owned subsidiary, Have Fun Lite, partnered with HF Entertainment to establish a joint venture company in Malaysia.
HF Entertainment is owned by Singaporean DJ Cher Ng, Oversea Enterprise (KLSE:OVERSEA), and Luk Hing Entertainment Group (HKG:8052).
The JV will invest, operate, and manage a project of a multi-entertainment outlet that includes karaoke, live music performances, and food and beverage services in Kuala Lumpur, Malaysia.
Under the agreement, the parties have agreed to an additional capital injection to start the project.
Estimated costs for the project are around 20 million ringgit, with funding by HF Lite and HF Entertainment to be carried out in 70:30 proportions through a proposed subscription of 1.0 million ringgit and the additional capital injection of 19.0 million ringgit.
The investment will be made through internal resources, according to a Monday filing.
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