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Sembcorp Industries on Wednesday said its wholly-owned
subsidiary, Sembcorp Development, is co-developing an 860-hectare urban
development in Kendal Regency, Central Java, Indonesia.
Sembcorp Development's newly incorporated wholly-owned subsidiary, Sembcorp Development Indonesia, has signed a joint venture agreement with P.T. Grahabuana Cikarang (GBC) - a wholly-owned subsidiary of public listed industrial estate developers PT Kawasan Industri Jababeka.
Under the agreement, Sembcorp and GBC will incorporate a joint venture company in Indonesia with an initial issued capital of US$20 million. Sembcorp will own a 49 per cent stake in the joint venture company while GBC will hold the remaining 51 per cent. Sembcorp's initial equity investment of US$9.8 million will be internally funded.
The transaction is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year.
Sembcorp Development's newly incorporated wholly-owned subsidiary, Sembcorp Development Indonesia, has signed a joint venture agreement with P.T. Grahabuana Cikarang (GBC) - a wholly-owned subsidiary of public listed industrial estate developers PT Kawasan Industri Jababeka.
Under the agreement, Sembcorp and GBC will incorporate a joint venture company in Indonesia with an initial issued capital of US$20 million. Sembcorp will own a 49 per cent stake in the joint venture company while GBC will hold the remaining 51 per cent. Sembcorp's initial equity investment of US$9.8 million will be internally funded.
The transaction is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year.
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