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2003-4-1 09:25:00 a.m. HKT, XFNA
Wisdom Venture loses mainland JV framework agreement
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HONG KONG (AFX-ASIA) - Wisdom Venture Holdings Ltd (554.HK) said the
framework agreement to establish a joint venture it announced on Nov 14 to
develop petrochemical products and services in China has lapsed.
The company said it was unable to obtain approval from the Chinese
government for the venture.
The framework agreement was reached with an unidentified Chinese party.
The proposed joint venture planned to trade petrochemical products and
provide related storage facilities in China.
The company, formerly known as SC Industrial Development Co Ltd, said the
failure to proceed with the joint venture will not affect its business plan.
peter.chan@afxnews.com
ptc/tv/jw
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