Ningbo Meishan Signs Strategic Collaboration Agreement with Intent to Provide US $ 100 Million Funding in Lab-Grown Diamond Sector

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Singapore, December 24, 2021 – (ACN Newswire) – Metech International Limited (“Metech” or the “Company” listed on SGX), and together with its subsidiaries, the “Group”), is pleased to announce that its joint venture, Asian Eco Technology Pte. Ltd. (“AET”) has entered into a strategic collaboration agreement with Ningbo Meishan, of which Zongheng Capital is one of the ordinary partners. Ningbo Meishan intends to provide US $ 100 million in financing for AET’s lab-grown diamond business activities through debt and / or equity financing.

Strong points:

– A lab-grown diamond is a diamond: chemically, physically and optically identical to a mined diamond, so without the need for extraction, lab-grown diamonds are a sustainable source of this important material
– Diamonds are more widely known for use in jewelry, but diamonds are also commonly used for industrial applications and there is more advancement for diamonds to be used in the next generation of semiconductors, aerospace, electric vehicles , medical equipment, among others.
– AET has the technological capabilities to produce the highest quality of lab-grown diamonds
– Ningbo Meishan intends to provide financing of US $ 100 million to AET through debt and / or equity financing and the proceeds will be mainly used to increase the production capacity of cultivated diamonds in AET laboratory and its capabilities in Singapore

The funding of US $ 100 million is intended to increase the capacity and production capabilities of AET lab-grown diamonds. The product will primarily be used for the construction of AET’s laboratory diamond manufacturing facilities in Singapore.

Zongheng Capital is one of the earliest equity investment fund management companies in China and was co-founded by the founders and senior management team of Alliance PKU Management Consultants Ltd and top elites in the world. ‘industry. Alliance PKU Management Consultants Ltd is the first registered management consulting company in China.

Since its inception, Zongheng Capital has provided management consulting services to more than 5,000 medium and large enterprises, as well as more than 500 listed companies.

Zongheng Capital undertakes investments in private and listed companies, specializing in key investment areas which include medical and healthcare (including medical equipment, biopharmaceuticals, medical services, healthcare industry, elderly care services), smart manufacturing (including robots, Industry 4.0, Internet of Things), and smart digital solutions (including artificial intelligence, big data, business and software technology). For more information on Zongheng Capital, please visit http://www.zonghengcapital.com/

Since the announcement, on September 24, 2021, of the creation of a joint venture in the trade of laboratory diamonds between Asian Green Tech Pte. Ltd, a wholly owned subsidiary of the Company, and X Diamond Capital Pte. Ltd., the Company has made various announcements detailing the development of this lab grown diamond business.

The Company is currently preparing, and is liaising with its sponsor, to seek shareholder approval for a business diversification proposal from its core business to include the manufacture and distribution of lab-grown diamonds and other related activities at an extraordinary general meeting (the “EGM”).

Ms. Samantha Hua, Deputy Managing Director and Executive Director of Metech, said, “The production of lab-grown diamonds is highly specialized and has significant technological barriers.

As such, this US $ 100 million funding is a clear vote of confidence in AET’s technical expertise and capabilities. This represents a huge step forward in our plans to strengthen our vision and realize our business ambitions in the global laboratory-grown diamond market.

This comes at an opportune time when laboratory-grown diamonds are increasingly accepted by consumers and, more importantly, with the unique and extreme properties of diamonds, there is more commercialization of scientific findings for industrial applications of the diamond. diamond in the next generation of semiconductors, aerospace, electric vehicles, medical equipment, among others.

About Metech International Limited
(Bloomberg: CENR: SP / Reuters: METE.SI / SGX Stock code: V3M)

Listed on the Singapore Stock Exchange, Metech International Limited (“Metech”) has a multi-pronged business model that aligns with macroeconomic trends in the area of ​​environment and sustainability.

While proactively evaluating new business opportunities to broaden its business model, Metech continues to build capacity and expand the value propositions of its business units.

Issued on behalf of Metech International Limited by 8PR Asia Pte Ltd.

Media and investor contacts:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: [email protected]

Source: Metech

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