Minth Group Limited announced that the Cheerplan (China), an indirect wholly-owned subsidiary of the Company, has entered into the Agreement with Toyota Auto Body Co., Ltd. on May 17, 2011 for the formation of a joint venture company, Jiaxing TMC, by way of disposing the Company's 65% equity stake in Jiaxing TMC. expand »Prior to completion of the disposal, Jiaxing TMC is an indirect wholly-owned subsidiary of the Company with registered capital of USD320,000 (equivalent to approximately HKD2,487,552), none of which has been paid up. It is agreed that in consideration of USD1 (equivalent to approximately HKD7.7736), Cheerplan (China) will sell its 65% equity interest in Jiaxing TMC to Toyota Auto Body Co., Ltd. Both parties will then procure the increase of Jiaxing TMC's registered capital to USD1,000,000 (equivalent to approximately HKD7,773,600) and each party shall contribute such amount of capital pro-rata to their equity holding in Jiaxing TMC. Jiaxing TMC will be principally engaged in wholesale, sales agency and import and export of welfare vehicle parts and moulds, and relevant technical consultancy, assembling and other after-sales services.