Can someone tell me if this is a joint venture or operation and why?

b) Manufacturing firm Manning plc's share capital comprises 1,000 ordinary shares. Manning plc has only two shareholders, Amber plc and Bright plc, each of which owns 500 ordinary shares in Manning plc. You are helping the management team of Amber plc understand the accounting consequences of their investment in Manning plc. You find that Amber plc and Bright plc have a contractual agreement that governs their investment in Manning plc. The key terms of the agreement are: Decisions about the relevant activities of Manning plc require approval by a majority of the voting rights; Each shareholder has an obligation to purchase 50% of Manning plc's manufacturing output during the year. Required: Explain how Amber plc's investment in Manning plc should be accounted in Amber plc's consolidated financial statements, explaining the related IFRS rules. 15 marks