Axiom Properties Limted
(ASX:AXI) says its strategic partnership with Oriental University City Holdings, a Hong Kong-based investment company, has received approval from the Foreign Investment Review Board.
OUC owns and leases out education institutions in China.
OUC has been given the go-ahead to increase its holding to 19.9 per cent of Axiom on market or at below 6 cents per share. Axiom will issue sufficient new shares under the Subscription Agreement if need be.
Axiom made a net profit of $3.6 million for the 2015 financial year.
