SINGAPORE (Yosefardi) – Serial System Ltd, through its subsidiary SCE Enterprise Pte. Ltd. (SCE), has on 3 August 2015 entered into a joint venture agreement with Hendra (Hendra) an individual of Indonesia national, in relation to a newly incorporated company in Indonesia known as PT. Achieva Technology Indonesia (PT Achieva).
SCE will invest 80% equity interests in PT Achieva. The principal activity of PT Achieva is the importing of computer peripherals, IT accessories and electronics products in Indonesia. The total investment of US$200,000 in PT Achieva by SCE will be funded through internal resources.
Meanwhile Kitchen Culture Holdings Ltd. opted to terminate the licensing and dealership agreement with an Indonesian business partner in Jakarta, Indonesia with effect from 7 August 2015, due to non-payment of (i) licensing fee; and (ii) amount due to the Group for sale of products, by the Licensee, amounting to an aggregate of approximately S$350,000.
At the same time, the Group is looking into setting up a representative office in Indonesia to continue serving
its clientele in Indonesia.