Tomei in joint venture with Alpha Next

KUALA LUMPUR: Tomei Consolidated Bhd’s wholly owned subsidiary Tomei Retail Sdn Bhd has formed a 75:25 joint venture company (JV) with Alpha Next Sdn Bhd.

In a filing with Bursa Malaysia, the jeweller said Tomei Retail had on Aug 19 entered into a joint venture agreement with Alpha Next to carry out the business of developing deploying integrating commissioning operating and maintaining an online sales platform application that allows customers to buy gold product online directly from Tomei.

The joint venture company will have a share capital of RM500,000. Tomei Retail will hold 75%, or 375,000 shares while Alpha Next to hold 25%, or 125,000 shares.

Tomei said the investment will be financed by the company’s internally generated fund.