Live Co Group PLC on Tuesday celebrated its expansion to Japan, after signing two agreements for a joint venture in the country.
The Surrey-based live events and entertainment company said has signed two deals with M Group Holding & Capital Co Ltd for a new joint 50/50 venture partnership in Japan. Together, the firms will develop Live Co Japan KK.
Under the licence agreement, Live Co will represent Live Co Japan exclusively on the StART Art Fairs and exhibitions, its involvement in the K-Pop concerts, and in other potential business opportunities.
Additionally, M Group will invest £630,000 in Live Co Japan for its 50% shareholding and as working capital by end of February 2023. This working capital will remain in Japan in the joint venture business.
‘The art scene in Japan offers a diverse modern and contemporary art landscape which is ripe with innovation and imagination. The fairs and exhibitions in South Korea and the UK have shown that Japan is the next country to be in to showcase the artists and to elevate it to be a major player on the world’s art stage,’ said Chair David Ciclitira.
‘I am delighted that we have formulated a partnership with M Group holding and Mr MIwa Nakabayashi, chief executive officer & founder of M Group in Japan which has the biggest K-Pop market after Korea and look forward to working with them across a number of different projects including StART Japan,’ he added.
Live Co shares were trading 16% higher at 2.15 pence each in London on Tuesday morning.
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