RI-Malaysia joint venture invests in Medan<\/p>\n
JAKARTA (JP): Malaysia's Tiara Etika Development Sdn. Bhd. has
\nsigned a memorandum of understanding with PT Kawasan Industri
\nMedan, a company owned by the North Sumatra administration, for a
\njoint venture to build five projects.<\/p>\n
The memorandum of understanding was signed Friday in Medan by
\nTiara Etika Development's executive chairman, Dato Zainal Abidin
\nand PT Kawasan Industri Medan's president director, Popo
\nHerwaman, Kompas daily reported.<\/p>\n
Popo said the joint venture, PT Kimtechno, will be 20 percent
\nowned PT Kawasan Industri Medan and 80 percent by the Malaysian
\nfirm.<\/p>\n
The joint venture will invest 700 million Malaysian ringgits
\nto build the five projects in Medan industrial estates, which are
\nowned by PT Kawasan Industri Medan.<\/p>\n
The five projects include an office building, a hotel,
\nhousing, shopping center and a sports and recreational center.<\/p>\n
Zainal said the office building project would be the first to
\nbe developed, starting next year.<\/p>\n
Both Popo and Zainal are optimistic about their joint
\nprojects, in view of the rapid progress of the Medan industrial
\nestates.<\/p>\n
Popo said the 190 hectares of industrial lots in the estates
\nhad been bought by investors, and his company had acquired an
\nadditional 314 hectares of land nearby as an extension of the
\nestates.<\/p>\n
He said the joint-venture company would develop its five
\nprojects in the extension area.<\/p>\n
Popo added that PT Kawasan Industri Medan was developing the
\nestates into a one-stop service center for industrial
\ninvestors. (jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ri-malaysia-joint-venture-invests-in-medan-1447893297",
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"sponsor": "Okusi Associates",
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