Shenzhen SED approved the proposal to establish joint venture the thirteenth Extraordinary Meeting of its Sixth Board of Directors, the Board of Directors agreed to jointly fund with Philips Electronics China BV for the establishment of Shenzhen CFL Sang Fei smart lighting Technology Co., Ltd. (tentative name, the final name based on the approved business license).
The registered capital of this joint venture is up to 100 million Yuan, Shenzhen SED invested its own funds of 70 million Yuan in cash, accounting 70% interest of the joint venture, Philips invested 30 million Yuan in cash from legitimate sources outside China, taking up 30% interest of the joint venture.
In accordance with the agreement, the joint venture will provide lighting products related to intelligent lighting and control systems sales and system integration; intelligent system solutions for low-carbon urban applications and development, production, sales of related products and system integration; engineering construction and operation services of intelligent carbon urban application of systems.
Shenzhen SED said that the establishment of joint venture with Philips docking national energy conservation, promoting green lighting, developing smart low-carbon city strategy, which will help the company to build high-end LED lighting industry with the integration of LED lighting manufacturing, upstream and downstream systems integration and comprehensive product and service solutions for intelligence low carbon city application, also it is the company's development needs to accelerate products and industrial restructuring.
