A few days ago, Hengtong Photoelectric announced that, in view of the rapid progress of global informatization process, Hengtong Optoelectronics decided to jointly invest in the establishment of HitekNOFALHengtongOptixLLC. with the original shareholders of Egypt HitekNOFAL, engaged in the manufacture, R&D, sales, marketing and distribution of optical cables, optical devices and accessories.
Hengtong Optoelectronics stated that the investment and construction of fiber optic cable factories in Egypt is a further expansion of the company’s global layout and the acceleration of the market development of the countries along the “Belt and Road” initiative. This is the company’s further extension and development of the fiber optic cable industry chain. Global coverage through independent technologies, independent brands, and independent high-quality products is an important measure for Hengtong Optoelectronics to achieve its internationalization strategy and will have a positive impact on the company's international development.
It is reported that the initial equity of the joint venture company is US$15 million, among which, Hengtong Optoelectronics contributed US$6 million in currencies, which accounted for 40% of the capital contribution of the joint venture company. The original shareholders of Hitek NOFAL invested US$9 million in fixed assets of Hitek Nofal, which accounted for the capital contribution of the joint venture company. 60% of the proportion.