- Communications and radio frequency solutions group MTI Wireless Edge has announced that its subsidiary Mottech Water Solutions has signed an agreement to acquire its joint venture partner's 40% holding in a joint venture it established in China in 2017.

Mottech and its representative in China established the joint venture in order to pursue the Chinese market.

Following the acquisition, Mottech China is a fully owned subsidiary of the company.

Chief executive Moni Borovitz said: 'We continue to increase our focus and presence in the Chinese market. The team based in China has been very successful over the last three years and they will all remain in place following this acquisition.

'It is encouraging to note, that like most Chinese companies, they have returned to work and that the Covid-19 pandemic appears to be contained and no longer adversely affecting Mottech China's local business operations.'

Borovitz added that China has become Mottech's fastest growing market.

The acquisition is not expected to have a material impact on MTI's results in the current financial year.

At 9:41am: [LON:MWE] MTI Wireless Edge Ltd share price was 0p at 38.5p

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