Bangkok--25 Apr--LVT
Senior executives of L.V. Technology Public Company Limited (LVT, a listed engineering consultancy firm) recently attended a ceremony at the southern Indian city of Chennai to conclude the partial divestment of its subsidiary, LNVT, to new Chinese partners Sinoma International Engineering Company Limited (SIE).
LVT and its Indian partner VC Rao sold parts of their holdings in the joint venture firm of LNVT to SIE, a unit of the leading Chinese machinery group Sinoma, in a corporate restructuring which now sees the Chinese group holding a controlling stake of 68% in LNVT while LVT and VC Rao now have 16% shareholding each. The partial divestment has netted proceeds of US$ 8.5 million for LVT, or approximately 250 million baht, about 150 million baht of which will be booked as profits on a consolidated basis.
Picture shows the Indian and Thai partners in LNVT — VC Rao and LVT founder and president Hans Jorgen Nielsen (third & fourth from left) — at the official shares-transfer ceremony in Chennai recently. The ceremony was also attended by the chairman of China’s leading industrial conglomerate Sinoma Group, Liu Zhi Jiang (fifth from left).