Titan signs JV with Rhythm Jewelry to manufacture jewellery products in Bangladesh
Titan Company has executed a joint venture agreement (JVA) with Rhythm Jewelry for establishing a joint venture company in Bangladesh with the objective of manufacturing, marketing and retailing of jewellery products on Bangladesh.
Upon incorporation, Titan will subscribe to 76,000 shares (representing 76% ownership), and Rhythm Jewelry will subscribe to 24,000 shares (representing 24% ownership) with a face value of BDT 100 per share. The subscription can occur in one or more tranches.
The Chairman of the joint venture company shall be amongst the directors nominated by Titan.
SOURCE: BUSINESS STANDARD
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