Recyctec: Establishment in China
Since Recyctec Holding AB (Recyctec) started the intention has been to establish the company in Asia, among other places. As a part of this work Recyctec will now (in partnership with Richy Ocean International Ltd.) start Recyctec Asia Ltd., which will be placed in Hong Kong. With that Recyctec has taken the first step towards the planned out-licensing of the company’s method in South East Asia. The new company is to 50 % owned by Richy Ocean Ltd., 40 % by Recyctec Holding AB, finally 5 % by Göran Ahlquist and 5 % by Roland Magnusson (establishment costs taken as cofounders) a demand from our Chinese partners.
Roland Magnusson, CEO, comments
–The establishment of an Asian company has, as mentioned above, been part of our plans since the company start-up, and we are very pleased to have taken this step in our development. Our business model includes an internationalization of the operation, and our plan has ever since the time before the listing on AktieTorget been to start this internationalization process with the establishment of a company in China.
Recyctec Asia Ltd. will be located in Hong Kong and is intended to be the uniting link for future establishments in South East Asia. The choice of country and region came natural due to our good contact network in this region through Richy Ocean Ltd., one of the main owners of Recyctec Holding AB, which is owned by our board members Shing Lee and Sau Suen Tse. Gary Lee, the son of Shing Lee, will be responsible for Recyctec’s establishments in Asia. China is an extremely big market and this first establishment creates good opportunities for us to reach out on a wide front.
The company address will be Great Eagle Center, Harbour Road, Wanchai, Hong Kong, which is in the heart of Hong Kong economy and business center. The office will be housed in Shing Lee’s premises, which also house Wuling Motors Holdings Ltd. and Dragon Hill Holdings Ltd., both registered on the Hong Kong stock exchange and of which Shing Lee is a substantial owner.
For more information, please contact
Recyctec Holding AB (publ)
Roland Magnusson CEO
Phone: +46 10 3300 288 ext. 1
Cell: +46 76 021 7288