(Hong Kong, 2 July 2014) —Dah Chong Hong Holdings Limited ("DCH" or the "Group"; stock code: 01828) has announced the formation of a joint venture with Gondwana Capital Management Limited ("Gondwana"), the parent company of Princess Yachts South China Limited ("Princess Yachts South China"), to engage in the distribution and sale of motor yachts and provision of after-sales service in the PRC, Hong Kong and Macao.
Under the agreement signed on 2 July 2014, DCH Marine Limited, a wholly-owned subsidiary of DCH, will subscribe 70% shareholdings of the joint venture, while Gondwana will take the rest 30% shareholdings.
Mr. Chong Got, Senior Corporate Director of DCH said, "The formation of the joint venture marks an important milestone for DCH to capitalize the new business opportunity in Greater China. Given the potential growth in the motor yacht business in Greater China, coupled with DCH's strong heritage and extensive experience in motor dealership and after-sale service, the joint venture creates synergy and extends the edge of the Group's excellence to the yacht industry. DCH's commitment in yacht business also demonstrates the Group's dedication in generating dynamic future growth through a strategic focus on solidifying our presence in the lifestyle consumer goods market in Greater China."
About Dah Chong Hong Holdings Limited (Stock Code: 01828)
Established since 1949, Dah Chong Hong Holdings Limited ("DCH") is a Hong Kong-based conglomerate with diversified business portfolio in: Motor and Motor Related Business, Food and Consumer Products Business. The Group has business operations in mainland China, Hong Kong, Macao, Taiwan, Singapore and Japan. DCH has become a publicly listed company on the Main Board of Hong Kong Stock Exchange since 2007. For details, please visit www.dch.com.hk.