Firich Enterprises Co Ltd (伍豐科技), a manufacturer of point-of-sale (POS) devices, said yesterday that it will sell 60 percent of its investment in Oasis Rich International Ltd to fund its expansion into China.
Firich will sell the Oasis shares to form a joint venture with Hong Kong-based LottVision Ltd, an operator of lottery solutions, and Melco LottVentures Holding Ltd.
Oasis owns Wu Sheng Technology Co (伍盛計算機科技), Firich's wholly owned subsidiary in Shanghai, which makes POS systems for the Chinese lottery market.
Firich will obtain a 26.95 percent stake in the venture, the company said in a filing to the Taiwan Stock Exchange.
The venture will sell its assets to Hong Kong-listed Wafer Systems Ltd (威發系統) in exchange for 72 million of Wafer's common shares and HK$606.8 million in convertible corporate bonds, the statement said.
Wafer Systems, a network solutions and service provider that makes about 95 percent of its sales in China, could help Firich develop a gaming software platform and enter the online betting business.
Firich hopes to consolidate its leading position as a gaming hardware supplier in China, as well supplying gaming machines to other Asian markets, it said.
In July, it signed a pact with LottVision to exchange ownership of Wu Sheng for 15 percent to 20 percent of LottVision shares.
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