Heatec Jietong Holdings (SGX:5OR) subsidiary Heatec Jietong Pte. Ltd. entered into a joint venture agreement with TEMA India to establish a joint venture company in Singapore dubbed Tema Heatec, according to a Thursday filing with the Singapore Exchange.
The new entity will be involved in the promotion and supply of process equipment, skids modules and other fabricated items.
Both parties have agreed on an initial funding of SG$20,000 in the JV company. Heatec Jietong will provide SG$9,800 for a 49% stake, while TEMA India will contribute SG$10,200 for a 51% shareholding.
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