BRIEF-CMMB Vision Says Silkwave Holdings Entered Final Terms Of Agreement For JV Co With Saudi Party

PUBLISHED: Mon, 12 Apr 2021 14:00:22 GMT
Share

April 12 (Reuters) – CMMB Vision Holdings Ltd:

* SILKWAVE HOLDINGS LIMITED ENTERED FINAL TERMS OF AGREEMENT FOR A JV CO WITH A SAUDI PARTY

* JV CO EXPECTED TO HAVE NO LESS THAN US$100 MILLION FOR INITIAL CAPITALIZATION

* JV CO TO DEVELOP & OPERATE L-BAND SATELLITE CONNECTED-CAR MULTIMEDIA PLATFORM SERVICING MIDDLE EAST AND AFRICA

* SILKWAVE TO CONTRIBUTE IN-KIND CAPITAL WITH ITS SATELLITE SPECTRUM AND ORBITAL ASSETS, & SAUDI PARTY TO CONTRIBUTE CAPITAL Source text for Eikon: Further company coverage:

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.