BEIJING, May 9 (GCTL) - COSCO International and Kansai Paint (China) Investment Co., Ltd., a wholly-owned subsidiary of Japan Kansai Paint Co., Ltd., established a new JV COSCO Kansai Paint (Shanghai) Co., Ltd on May 2, 2012 for a tenure of 20 years with a total investment of US$64 million.
Of the new JV’s registered capital of US$25.6 million, COSCO International will contribute 63.07% and Japan Kansai will contribute 36.93%, respectively. And 20% of the registered capital will be paid within 90 days from the date of issuance of the business license of the new JV.
The new JV has been established mainly because the term of the old JV COSCO Kansai Paint & Chemicals (Shanghai) Co., Ltd. will expire in 2015; the operation of the existing factory of the old JV in Shanghai will be discontinued latest upon the expiry of the old JV’s operation period in 2015. In addition, a preliminary factory relocation plan has been requested by relevant authority.
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