Friday 15 August 2008

Asiatic unit teams up with Indonesian firms

As predicted by Nature Aleret a few weeks ago.

Thursday August 14, 2008

Asiatic unit teams up with Indonesian firms

KUALA LUMPUR: Asiatic Development Bhd subsidiary Ketapang Agri Holdings Pte Ltd (KAH) has proposed a joint venture with two Indonesia plantation firms in Kabupaten Ketapang, West Kalimantan.

In a filing with Bursa Malaysia yesterday, Asiatic said KAH entered into an agreement with Palma Citra Investama Pte Ltd and PT Sawit Mandira to develop about 15,800ha into oil palm plantations.

KAH will hold a 70% stake in the joint venture, with Palma Citra and Sawit Mandira to hold 25% and 5% respectively.

Asiatic said funds for the joint venture would come from internal funds or external borrowings.