ABR signs Indonesian joint venture deal

ABR signs Indonesian joint venture deal

SINGAPORE (Reuter): Food and beverage firm ABR Holdings Ltd (ABR) said yesterday it had agreed to form a joint venture logistics and transport firm in Indonesia with Australian transport to health group, Mayne Nickless Ltd (MNL).

The venture -- conditional on the approval of the Indonesian authorities -- would help ABR's expansion plans in the region, ABR said in a statement.

"ABR's recently-acquired interest in Consolidated Foods Australia Ltd and its proposed acquisition of an interest in PT Aneka Food Tatarasa Industri could, in future, benefit from the logistics capabilities," the statement said.

The company, to be called PT Mayne Nickless ABR Indonesia, would have an authorized paid up capital of US$1.25 million with ABR's initial investment being $125,000.

The transaction was not expected to have any material impact on ABR's assets or earnings in the year to December 31, 1997, the statement said.

ABR would eventually hold 40 percent of the joint venture firm while MNL would hold the balance, it said.