On July 19th, Grundy Hunt released news that on July 19th, 2024, Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. (hereinafter referred to as "the Company") held the 18th meeting of the eighth Board of Directors and approved the "Proposal on Investment to Establish an Overseas Company".
According to the overseas operation development needs, the company plans to invest 0.1 million Singapore dollars to establish a wholly-owned subsidiary in Singapore (hereinafter referred to as "Singapore Company") as the investment subject, and to establish a wholly-owned subsidiary in the city of Tangier, Kingdom of Morocco (hereinafter referred to as "Morocco Company") to invest in and construct the Morocco Base Project. The total investment of the project does not exceed 70 million US dollars, and the registered capital of the newly established Morocco company is planned to be 8 million US dollars, which will be 100% funded by Singapore company, and the remaining funds will be self-raised by Morocco company.
In recent years, Morocco has achieved remarkable achievements in the field of automobile manufacturing, making it a new star in the global automobile industry. Its geographical location and free trade relations with Europe and America have made its automobile manufacturing industry a gateway to Africa and Europe. The company plans to establish a channel through the Singapore subsidiary to fully establish the Morocco company in the city of Tangier, Morocco, and plans to invest no more than 70 million US dollars on the Morocco Base Project. In the current complex international environment, the company optimizes resource allocation on a global scale according to its own strategic development requirements, effectively carries out overseas investment cooperation, and continuously improves the company's international development level. This external investment is one of the measures to implement the company's strategic planning, which is conducive to expanding overseas markets, further improving comprehensive competitiveness, creating greater value for shareholders, and promoting the company's long-term sustainable development.