What's happened?
SciDev Limited (ASX:SDV) and Nuoer have struck a strategic joint venture to accelerate global growth initiatives.
What are the key highlights?
- The new JV (Nuoer SciDev JV Co., Ltd (NSC)), provides an excellent platform for SciDev to actively bid on Chinese State-owned and run operations based outside of the PRC that are normally off-limits to western companies (in an estimated USD$10B global chemical market).
- NSC, domiciled and headquartered in China, formally brings together the Nuoer Group’s manufacturing and production skills with SciDev’s expert professional services, marketing and sales capacity to jointly engage in developing world-wide business opportunities.
- SciDev will continue to explore its own business development opportunities under the existing Heads of Agreement (HoA) which has been expanded and the Nuoer Group will not influence SciDev’s existing operations nor have representation on SciDev’s Board.
- In parallel with the new JV, the parties have negotiated two agreements that will be executed in coming weeks. This includes a Licencing and Distribution Agreement (between NSC & Nuoer Group) and a Technical, Marketing and Training Services Agreement (between NSC & SciDev).
For further details relating to the new joint venture, please read the announcement linked below.
