Sino-Entertainment Technology Holdings Limited (HK:6933) has released an update.
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Sino-Entertainment Technology Holdings Limited has announced a non-binding Letter of Intent for a joint venture that could lead to a deemed disposal, with their shareholding in the subsidiary TEIL reducing from 100% to 51% after allotment of new shares to TIMCL. The joint venture will focus on developing a mobile app using SocialFi and blockchain technology, with TEIL’s board retaining a majority appointed by the Group. Final terms are expected to be negotiated by the end of the year, aiming to leverage the expertise of TIMCL’s owners in SocialFi.
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