Mumbai: Greater China Media & Entertainment Corporation’s subsidiary Triumph Research has cancelled its Joint Venture Agreement with Beijing Tangde International Film Culture.
On 18 April 2006, Triumph entered into a joint venture agreement with Tangde to form a Joint Venture company that engaged in the production and distribution of film and television. Per the agreement, both parties agreed to set up a joint venture in Beijing with registered capital of approximately $1,458,000 of which $743,000 was to be invested by Triumph and $715,000) was to be invested by Tangde. The agreement stated that Triumph was to own 51% of the joint venture to Tangde’s 49%.
Triumph and Tangde signed the cancellation agreement effective 24 August 2008.
In March 2008, the Company acquired a 70% interest in Beijing HuaDing Century International Cultural Limited, a company incorporated under the laws of the PRC. Beijing HuaDing specializes in the production and distribution of film and television.