[ET Net News Agency, 6 April 2018] Blockchain Group (00364) said it entered into a non-legally binding memorandum of understanding with GGC Co., Ltd.Blockchain Group plans to invest an aggregate of KRW2,500 million (equivalent to about HK$18.61 million) in 51% of the share capital of GGC to set up a new factory and production lines for cryptocurrency blockchain computing equipment on the proposed leased site (the tenancy of which is currently under negotiation) in Gimpo City, Gyeonggi Province, South Korea. The new production lines are dedicated to the production of the cryptocurrency blockchain computing equipment under Blockchain Group's self-owned brand.
GGC has independently developed and produced the first cryptocurrency blockchain computing equipment certificated by the Korea Testing & Research Institute, and has also maintained a production line for a top grade graphical processor unit. The intended output after the proposed investment is around 50,000 units per month. Blockchain Group is of the view that the entering into of the MOU could provide an opportunity to expand its range of blockchain-related products range and strengthen its global presence in the blockchain-related products market. (HL)
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