WE Holdings

WE Holdings: Company just announced that they entered into a JV agreement with His Excellency Nay Win Tun- prominent Myanmar businessman and Chairman of Ruby Dragon Group. Ruby Dragon Group is engaged in mining, manufacturing, agriculture, food & beverage, trading, and hospitality businesses across Myanmar. The JV is intended to facilitate the Company’s discussions and assessment of potential petroleum, oil and gas, and related resources business opportunities in Myanmar- although no agreement of the Company’s intention to enter the petroleum, oil and gas, and related resources business in Myanmar has been reached at this stage. WE Holdings is funding its 50%-stake in the JV Company with the proceeds from the share placement exercise on 4 Feb 2013; the JV Company will have an issued share capital of $200,000. The placement of 167.1m new shares has a placement price of $0.03699/ share, with the last traded price of $0.160. Company requested for the lifting of trading halt today.