L&M expects boost from RI<\/p>\n
SINGAPORE (Dow Jones): L&M Group Investments Ltd. expects the
\nacquisition of Van Der Horst Ltd.'s assets in Indonesia to boost
\nits revenue by S$10 million for the current financial year,
\nMarcel Tjia, executive director of L&M said Tuesday.<\/p>\n
This will increase L&M's revenue for the year ending Dec. 31
\nto S$30 million-S$35 million.<\/p>\n
Earlier Tuesday, L&M said it has completed the purchase of Van
\nDer Horst's 17.5 percent stake in PT Van Der Horst Indonesia Tbk,
\nand its stake in Van Der Horst Technologies Pte. Ltd. for S$11
\nmillion cash.<\/p>\n
L&M will also pay S$5 million for a 90 percent stake in Van
\nDer Horst and assume S$19 million of its restructured debts.<\/p>\n
Shares of marine engineering and infrastructure company Van
\nDer Horst were suspended since it filed for judicial management
\nJan. 25. Michael Ng, Peter Chay and Bobby Chin of accounting firm
\nKPMG are the judicial managers for the company, which has S$119
\nmillion in debts.<\/p>\n
The acquisition will be funded by proceeds from two share
\nplacements done earlier in the year and won't add to its current
\ndebts of S$81 million, Tjia said.<\/p>\n
Separately, L&M said it will proceed to develop a technology
\npark called CyberCity in Jakarta, said Edward Soeryadjaya, chief
\nexecutive of L&M. The project will contribute less than 5% to
\nrevenue for year 2001.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/lm-expects-boost-from-ri-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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