Spindex Industries Limited has formed a joint venture with JF Industries Pte., Ltd. The new JV, known as Spindex Energy Services Pte., Ltd., will be engaged in the business of providing services of precision CNC machining in the oil and gas industry. Under the JV agreement, Spindex Industries and JF Industries will subscribe for 0.35 million ordinary shares and 0.15 million ordinary shares in the ratio of 70% and 30% respectively. The aggregate consideration for the subscription shares will be SGD 0.35 million based on a subscription price of SGD 1 per share, which will be paid by the Spindex Industries in cash at incorporation of the JV, which will be funded internally.