22nd Apr 2015 09:13
LONDON (Alliance News) - China-focused investment company Grand Group Investment PLC on Wednesday said it has agreed to make a cash investment in WuXi Jin Xun Tong Technology Ltd via its newly-incorporated Gao Rui De Cultural Development Ltd subsidiary.
Grand Group will make a CNY20 million investment in the company, approximately GBP2.2 million, to take a 15% stake in the business.
WuXi Jin Xun provides online learning services to the vocational industry in China and operates a site which provides online training to industrial sector workers.
Along with the direct investment made by Grand, Wuxi Victory Media & Culture Co Ltd, in which Grand holds a 33% stake, has sold certain assets, licences and expertise on courseware development to WuXi Jin Xun in return for an 18% stake in the business.
"The board is pleased to announce Grand Group's investment in JXT, following the group's involvement in Victory Group, a vocational training software and videos provider for the metallurgy sector," said Grand Group Chairman James Newman.
"The demand for skilled labour in China represents strong potential for training providers, particularly those which could cater their offering for the expanding online audience. We are particularly pleased with the close fit between our first two investments, allowing them to contribute to each other's growth," Newman added.
Grand Group shares were untraded Wednesday, having last traded at 92.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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