LONDON (ShareCast) - (Sharecast News) - Engineering outfit Versarien has entered into a memorandum of understanding with Jinan High-tech Financial Investment with regards to the AIM-listed firm's ongoing plans to establish a manufacturing centre in China's Shandong Province.
Versarien and JHFI's deal will cover the duo's plans to establish a joint venture for the manufacture and sale of Versarien's Graphinks and other related graphene products in Jinan.

JFHI will provide funding for the venture.

Looking forward, chief executive Neill Ricketts, said: "It is not intended that this will be our sole base in China, as the Chinese opportunity is so large, but our planned venture in Jinan is intended to form the centre of the Qilu Graphene Valley and pave the way to Versarien establishing a world-class base in the Asian region"

"We are continuing detailed discussions with a number of other parties in China and assessing opportunities in other countries across the world. It is important for us to have facilities close to manufacturing centres worldwide and we will continue to pursue this strategy."

As of 0835 GMT, Versarien shares had climbed 7.15% to 131.26p.

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