Amtek to revamp RI units

Amtek to revamp RI units

SINGAPORE (Dow Jones): Amtek Engineering Ltd. of Singapore said Monday it will concentrate on its core business of metal operations by transferring its plastics businesses to Sanwa Plastic Industry Pte. Ltd.

Amtek has signed a memorandum of agreement with Sanwa to realign the ownership structures of its three units, Unitech Holding Pte. Ltd, PT Amtek Sanwa Engineering and PT Amtek Sanwa Industries.

PT ASE and PT ASI are located in Indonesia.

Unitech is a 50-50 joint venture between Amtek and Sanwa. PT ASE is wholly owned by Unitech, while PT ASI is 75 percent owned by Unitech, and 25 percent owned by Amtek.

Under the agreement, Unitech will transfer its stake in PT ASI to Amtek and Amtek will transfer its shareholdings in Unitech to Sanwa.

As a result, Amtek will own 100% of PT ASI and Sanwa will own 100 percent of Unitech.