Ezion inks JV with Charisma for an electricity business

The agreement gave birth to Henosis Investments.

Through its investment arm, Ezion Holdings Ltd. entered into a joint venture agreement with Charisma Group to incorporate an investment holding company in the city-state, the Henosis Investments Pte. Ltd.

In a statement, Ezion said it will equally share Henosis ownership with Charisma as the newly-formed company invests into an electricity business.

Henosis entered into a subscription agreement with Charis Electric Pte. Ltd. to subscribe for 100,000 ordinary shares in the capital of of the latter for a total cash consideration of S$100,000.

With this, Henosis will own 50% of the enlarged share capital of Charis after completion of the subscription agreement.

"The principal activities of Charis are transmission, distribution and sale of electricity," the group said.

It added that the transactions were funded internally and are not expected to have any impact on the two groups' earnings per share or net tangible assets in the current financial year.