Rex International Holdings Limited reported Wednesday that the Board of Directors of the Company refers to the announcements and is pleased to announce that the joint venture company, Rexonic AG had been incorporated Oct. 25 in Switzerland. Rexonic AG has an issued and paid-up capital of $164,770 (CHF 150,750) divided in 150,750 ordinary shares of $1.093 (CHF 1) each. The principal activity of Rexonic is that of a company holding patents and trademarks relating to oil exploration and production (E&P) services, as well as a holding company of companies which are operating in the oil E&P services industry.
Pursuant to the fulfilment of the condition precedents in relation to the Joint Venture in Rexonic with Ogsonic AG, the Company and Rex International Investments Pte Ltd had on Nov. 13, completed the transactions relating to the Joint Venture in Rexonic with Ogsonic AG.
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